IFC to back Pakistani renewables with USD-125m investment
April 23 – The International Finance Corp (IFC) said on Wednesday it will invest USD 125 million (EUR 116m) in a Pakistani unit of China Three Gorges Corp to back a series of renewable energy projects in the country.
IFC, part of the World Bank Group, will take a 15% stake in China Three Gorges South Asia Investment Ltd (CSAIL), which in turn will use the investment to support hydro, solar and wind power projects in Pakistan.
The Pakistani firm has already finalised a 50-MW wind park and has six other renewable energy projects in its pipeline. Upon completion, these plants will be generating more than 9,500 GWh of electricity per year and will increase Pakistan’s renewable energy output by a third, IFC noted. CSAIL’s plan is to pour some USD 7 billion in the country’s power sector.
“Power shortages hinder social and economic development in Pakistan, despite the country’s significant renewable energy potential,” said Dimitris Tsitsiragos, IFC’s vice president for Global Client Services.
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