Dubai-based Abraaj Group has announced that it has entered into an agreement to purchase a majority stake in Jhimpir Power Limited (JPL) from Burj Capital, an international renewable power developer.
JPL wholly-owns a 50MW wind power project in the Jhimpir wind corridor in Southeast Pakistan which is expected to start operations in the first quarter of 2018.
The Jhimpir wind corridor is an established area for wind projects with 550MW+ of capacity already operational and a further 1GW+ under the construction and development phase.
Abraaj said in a statement that it will actively manage the project, through the construction phase to implementation but did not say how much it is investing.
Abraaj added that it is "keen to continue its active role in addressing the power supply gap in Pakistan, stemming from favorable macroeconomic growth drivers including a rising middle class, urbanisation and historic underinvestment in the energy sector".
Sev Vettivetpillai, managing partner and global head of Abraaj’s Thematic Fund Business, said: “Our investment into the Jhimpir wind corridor marks our second transaction under Abraaj’s dedicated clean energy platform. With a shortage of over 6,000MW and rising power consumption in Pakistan today, we are excited by the sheer size of the clean energy infrastructure opportunity.”
Abraaj said it has comprehensive investment experience across the energy value chain and has invested about $1 billion in 10 investments in growth markets.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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