US to fund 150 MW Wind Project in Pakistan

The governments of the US and Pakistan have signed an agreement with AES Corporation to develop a 150-MW wind project in Pakistan’s Gharo Corridor. The US special representative for Afghanistan and Pakistan, Richard Holbrooke, and Pakistani water and power minister Javed Iqbal were among those signing an agreement to develop the $375 million project.

The US Embassy in Islamabad said the project would reduce Pakistan’s dependence on fuel imports and save Pakistanis $45 million a year. The Pakistani government and AES will invest in the project, leveraging a loan from the US Overseas Private Investment Corporation (OPIC), a US agency that sells foreign investment services. Pakistan will own a minority stake through a grant from the US Agency for International Development (USAID). These shares will be privatised over time, with the proceeds financing future energy projects.

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