OPIC to finance 50MW wind power project in Jhimpir

The Overseas Private Investment Corporation (OPIC) of the United States and Sapphire Wind Power Company on Wednesday signed an agreement for setting up 50 megawatts Greenfield Wind Power Project in Jhimpir.
US Ambassador to Pakistan Richard Olson, Chairman Board of Investment Zubair Omar, officials of the water and power ministry and representatives of Sapphire Wind Power Company attended the signing ceremony. The project is sponsored by Sapphire Textile Mills Limited and Bank Alfalah Ltd. The Overseas Private Investment Corporation (OPIC) is also extending financial assistance. Wind turbine will be supplied by General Electric, US, and the Hydro China Corporation will be the contractor.
Speaking on the occasion, Ambassador Richard Olson said the United States was committed to extending support for strengthening the Pakistani economy.
He said the US was helping Pakistan in solving its energy crisis. Chairman Board of Investment Zubair Umar said the government was making strenuous efforts to improve Pakistan’s investment profile and bring foreign investment for projects in various sectors.
The OPIC supports investment in Pakistan by providing capital and risk mitigation tools including financing from large structured finance to small business loans, political risk insurance, and support for private equity investment funds.
Since, 1975, the OPIC has committed more than $1.3 billion for 123 projects in Pakistan. In Pakistan, the OPIC has supported projects that have addressed a range of needs across a variety of sectors from increasing the supply of food, clean water and electricity to helping small businesses obtain financing and introducing advanced telecommunication technology.
Some of the projects it is supporting today include a modern hospital, a modern office tower, credit for small and medium sized business, and expanding a mobile phone network.
The projects that the OPIC supports in Pakistan are not only addressing immediate needs, but they are also long-term investments that will deliver sustainable benefits over many years and decades to help carry the country into a more prosperous future.
The OPIC is currently completing due diligence on several priority projects in Pakistan including support for the construction and operation of a biomass fueled power plant and financing for the development of wind power generation facilities in regions where there is a severe short supply of electricity.
It is also financing to support the expansion of a local micro-finance bank’s mortgage lending portfolio in connection to a new affordable housing development. The OPIC is financing to support contract farming, processing, packaging and exporting of rice.