ISLAMABAD: The French Embassy disclosed that France was infusing $20 million into a wind project of 50 Megawatts of capacity in Sindh province.
PROPARCO, the private sector arm of the French Development Agency, is making the investment to support the project as part of its efforts to support renewable power generation and drive economic uplift across Pakistan, said the embassy.
Meanwhile, independent power producer Gul Ahmed Wind Power will help the company build and operate the 50-megawatt facility northeast of Karachi. The project is likely to bolster electricity supplies in Pakistan, where frequent power cuts hamper social and economic development, and cost the country the equivalent of 2 percent of gross domestic product.
The new plant will create jobs (more than 500 during the construction phase and 50 on a long term basis) and help spur growth. PROPARCO CEO Claude Périou welcomed “this joint operation with the Infraco Asia, IFC and local Pakistani banks, which is fully in line with AFD Group’s strategy against climate change.
