LAHORE: The Abraaj Capital Group has declared that it has arrived into a final contract to purchase a majority palisade in Jhimpir Power Pakistan Limited from Burj Capital, a renewable power developer, through its capitals.
In a declaration released from Dubai on Wednesday, Abraaj Capital said its energy professionals are focused on capitalizing in clean energy across growth markets, through the construction phase to its operation.
Abraaj emphasized that the group was keen to linger its dynamic role in addressing the power supply gap in Pakistan, stemming from favorable macroeconomic growth drivers including a rising middle class, urbanization and underinvestment in the energy sector.
Recognizing the importance of clean energy, the Pakistan government has also executed a number of governing reforms to enable foreign and local investments in clean energy generation.
Jhimpir Power possesses a 50-megawatt wind power project in the Jhimpir wind corridor in Sindh, Pakistan. The project attained financial close in August 2016 and is likely to begin operations in the first quarter of 2018.
The Jhimpir wind corridor is an established area for wind projects with more than 550MW of capacity by now operational and a further 1 gigawatts under the construction and development phase.
The Abraaj Group, which has financed $1 billion in 10 investments in growth markets, entered into an agreement in October 2016 to strip its 66.4% shareholding in K-Electric to Shanghai Electric Power Company Limited, marking one of the largest private-sector dealings in Pakistan.