Tapal/Fauji Gharo Wind Farm

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Fauji Foundation and Tapal Energy were developing the 50MW Gharo Wind Farm, in Gharo. The project signed a 20 year long-term agreement with the National Transmission and Distribution Company (NTDC). The project obtained financing in May 2012, when the ADB and Islamic Development Bank committed tosupport of two wind farms: the 50ME Tapal/Fauji wind farm in Gharo, and the 50MW Fauji wind farm in Jhimpir. In May 2012, it was reported that the project was financed by the company in cooperation with the Islamic Development Bank, under Islamic financing principles. The debt had a tenor of 12 years. Total project cost for both plants was US$126.5 million on a pro rata basis - since the financing was for 2 identical wind farms. The financing comprised of a debt portion of US$204 million and an equity portion of US$49 million. Debt was split in USD and Rupee tranches. The Rupee tranche was arranged by National Bank of Pakistan, Faysal Bank, United Bank Limited, Allied Bank, and Meezan Bank. The USD tranche was led by the Islamic Development Bank with a credit guarantee from ADB. Dealogic!! Two wind power projects acquire international financing By M.Waqar Bhatti Friday, May 25, 2012 From Print Edition 15 0 0 0 Wind turbines installed at two farms of Sindh—with a generation capacity of 50 megawatts each—are expected to start delivering power from September this year after the Asian Development Bank (ADB) and Islamic Development Bank (IsDB) have agreed to provide funds for the projects in the Jhimpir and Gharo “Fauji Foundation and Tapal Energy (Pvt) Limited have entered a financial deal of $133 million with ADB and IsDB for the development of two wind farms in Sindh, one each in Jhimpir and Gharo,” said Arif Alauddin, chief executive officer (CEO) of Alternate Energy Development Board (AEDB) on Thursday Talking to The News, CEO Alauddin said that one of the two projects was a joint venture of the two companies while the other was the sole venture of Fauji “After the financial deal is signed with the investors, their financial close is expected within next three to four weeks By September 2012, we expect that installation of 2.1 MW wind turbines to commence ” The AEDB chief said that the organisation had planned to generate around 1500 MW of wind energy from the wind corridor in Sindh but due to bureaucratic hurdles in the acquisition of lands, their immediate target was reduced to 350 to 400 MWs of electricity in the coming years “Development of alternate energy sources is the only way to overcome the present energy crisis as the new sources produce clean energy, whose tariff remains the same over the years and also starts declining after a certain period ” He said some 18 wind turbines of 1 5 MW had already been installed at the FFC Energy Limited’s wind warm, which was country’s first such project, and it was expected to generate energy on an experimental basis by mid July 2012 “One of the new projects of Tapal – Fauji Foundation joint venture is being developed at Gharo, which is a difficult place for wind energy projects but against our expectations, the wind farm development cost in Gharo is relatively less than that in Jhimpir,” he informed Efficient, large and cost-effective wind turbines having generation capacity of 2 1 MW each would be installed at the newly developed farms, CEO Alauddin claimed, adding that in future, the turbines with maximum power generation capacities would also be introduced in the country Replying to a question, he said that there were hurdles in acquiring more land as the provincial government was also interested in developing its own wind power projects in the area. $133m for 100MW wind farms By: INP | May 22, 2012 . 0 KARACHI - Wind developers in Pakistan have raised $133m in finance needed to press on with 100MW of capacity in the country. The Islamic Development Bank (IDB) and Asian Development Bank, plus a consortium of local institutions, arranged the transaction under Islamic finance terms. The deal will allow co-developers the Fauji Foundation and Tapal Group to build two wind farms in Sindh province. The National Transmission and Distribution Company (NTDC) has signed long-term agreements to buy the power produced, says the IDB. The Sindh wind farms are part of “the first-generation wind energy projects that Pakistan has embarked on”, adds the IDB.The country hopes to install 1.5GW of wind capacity by the end of 2013 to help alleviate a serious national power shortfall that has sparked street protests in response to regular blackouts. Industrial conglomerate Fauji Foundation last year signed a deal with German wind turbine-maker