Daelim Energy announced on August 10 that the company signed a financial agreement amounting to about US$100 million on the Hawa project for wind power generation with the Overseas Private Investment Corporation (OPIC) of the US government. This is the first project to invest via the IDB Infrastructure Fund II that Daelim Energy established with the IDB.
EMA Power Investment took part in this project as the largest shareholder with a 35% stake. Pakistan’s Hawa project is to develop and run a 50 MW wind power farm in Sindh in southern Pakistan. Its total budget is about US$130 million.
The wind power station is expected to stably generate profits as the CPPA, an organization under the Pakistani government through a 20-year electric power purchase agreement. The ground will be broken in the third quarter of 2016 and its commercial operation will begin in the second half of 2018.
“The Daelim Group is discovering private power generation investment around the world with growing into a global developer as its mid- to long-term goals,” said Kim Sang-woo, president of Daelim Energy. “With this project as a beginning, we will expand our business scope into the Middle East, Africa and Southwest Asia.”