Sachal Energy - First Pakistani Owned Project under CPEC

Sachal Energy - First Pakistani Owned Project under CPEC

Written By : Mr. Kashif Mateen Ansari
Renewable energy is the answer to the ever-increasing energy needs of this country and around the world. Keeping in view the environmental concerns, alternate sources of energy are the way forward. Not only they help in the economic progress and GDP growth in environment friendly way but also, they reduce our dependence on the imported fossil fuels, thus contributing towards the energy security of the country.

Sachal Energy Development (Pvt.) Limited (SEDL) is developing a 49.5 MW Wind Power Project in Jhampir, Thatta, Sindh on Build, Own and Operate (BOO) basis. The project is headed by Mr. Kashif Mateen Ansari, who is a Harvard Alumni and brings along more than 20 years of diversified experience of leadership and management. SEDL is owned 100% by Arif Habib Group through its flagship listed holding company, Arif Habib Corporation Limited (AHCL). The project is in advance stages of installation and is expected to start its commercial operation till June 2017. It shall contribute to national economy by producing more than 136.50 GWh yearly of clean energy.

The Company has acquired generation license and tariff determination by NEPRA and has received a Letter of Support from the Alternate Energy Development Board (AEDB). Similarly, the Company has executed its Energy Purchase Agreement (EPA) with NTDC-CPPA and Implementation Agreement (IA) with AEDB. Furthermore, facility agreement with Industrial and Commercial Bank of China was signed in February 2015 and the project declared Financial Close in December 2015.

The project is compliant with all local environmental regulations and international regulations e.g. Clean Development Mechanism (CDM) under UNFCCC and Gold Standards. The project has also contributed towards sustainable development of local community by creating more than five hundred (500) jobs and offering contracts to small local contractors. Further, the company is proving basic facilities like health and drinking water in nearby villages.

Sachal Power feels proud to report that not only this project is the first Pakistani owned project by CPEC but also the first private project to receive long term financing from ICBC, China which is the world’s largest bank. This is also the first "Sinosure" backed financing for private project in Pakistan. The project was inaugurated by the Chinese President.