STAFF REPORT IBD: A 50MW Foundation Wind Energy-II (Pvt.) Ltd. (FWEL-II) has achieved financial closing. The FWEL-II is one of the leading commercial wind power projects of Pakistan, developed under the facilitation of Alternative Energy Development Board (AEDB).
The papers were signed by Arif Alauddin on behalf of AEDB and Brig (Retd.) Dr. Gulfam Alam, on behalf of the FWEL-II.
Arif Alauddin, CEO AEDB on the occasion said that the project would serve as a model for other projects, as the pace of development of another 400-600 MW would get accelerated. These wind power projects that are expected to achieve Financial Close during the current year.
On the occasion, Dr. Gulfam Alam said that Fauji Foundation is pursuing power generation projects, especially those in wind sector. In this pursuit, AEDB has always helped and facilitated the investors in pursuing ARE projects in the country. He also informed that that another 50MW project of the Foundation (FWEL-II) is expected to to be achieved by the end of this month.
Wind energy, being indigenous and cheap is, therefore, becoming the most attractive option for generation of electricity. Wind energy sector is attracting the most foreign investment in the county at the moment. Not only investors, the international equipment suppliers, manufacturers and OandM operators have been taking keen interest in Pakistans wind energy sector.