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Sachal Energy Signs Financing Agreement with ICBC

Wednesday, August 12, 2015

Sachal Energy is the first wind power project to achieve this milestone under Pak-China. Economic Corridor projects Sachal Energy Development (Pvt) Limited has signed a financing agreement with Industrial and Commercial Bank of China (ICBC) for Sachal Wind Power Plant. The agreement was by Kashif Mateen Ansari, Chief Executive Officer of Sachal Energy at a ceremony held at the office of National Energy Administration (NEA).

ICBC is the largest bank in the world by total assets and is one of China's `big four' state-owned commercial banks. Sachal Energy, a fully owned subsidiary of Arif Habib Corporation Limited, has already signed a power purchase agreement with National Electric Power Regulatory Authority in February 27, 2014.

It has also signed an engineering, procurement and construction contract and operation & maintenance contract with Chinese company Hydro China Corporation Limited in April 28, 2012.

The construction of the project is expected to start in April this year and its commercial operation is expected to begin in 2016. The project will annually generate 136,500MWh of clean energy and reduce carbon dioxide emissions by approximately 85,000 tons.

This project will not only strengthen economic relationship between China and Pakistan but will also foster technical co-operation between the two friendly neighbors. 

Sitecredits: OCM-UMT