After successful completion of its seven-day reliability run test, the Master Wind Energy Limited (MWEL)’s 52.8MW wind power plant commenced commercial operations on October 13.
Located in the ‘Wind Corridor’ of Sindh, the wind farm consists of 33 state-of-the-art turbines. The project is part of the government’s initiative to enhance power generation from clean and indigenous sources.
The MWEL’s management has appreciated the joint efforts of Ministry of Power and Water, Alternative Energy Development Board, Sindh Department of Energy, National Electric Power Regulatory Authority, National Transmission and Despatch Company Limited and Central Power Purchasing Agency (Guarantee) Limited in making the project possible and hopes that such admirable initiatives will be continued in future.
The project has been financed with a 50:50 mix of local and foreign financing with the latter being secured solely through the Overseas Private Investment Corporation, a US government development financial institution.
Bank Al-Habib Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited and the Bank of Punjab provided the local portion of financing, equally.
The project is sponsored by the Master Group – one of Pakistan’s oldest and most dynamic business groups. The group is renowned for its ‘Moltyfoam’ mattress brand, but has diversified into a number of sectors including textile, automotive and engineering. The MWEL marks the group’s first foray into the energy sector. The group is cognisant of Pakistan’s immense energy needs as a growing economy and intends to continue to invest in projects in this sector, said Shahzad Malik, managing director Master Group of companies.
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