NGPI Announces Letter of Intent to Develop Renewable Energy Projects in Pakistan
Aims to help Pakistan’s economic transformation delivering 300 MW of clean energy
New Generation Power International (NGPI), a U.S.- headquartered global independent power provider, has signed a Letter of Intent with the Government of Sindh - Directorate of Alternative Energy, to develop a 200 MW solar and 100 MW wind project in the Jamshoro-Thatta Region of Sindh, Pakistan.
A diversified green energy company, NGPI is working directly with its consortium partner, SeaSpire Advisors, to explore and promote renewable energies and energy efficiency in Pakistan. NGPI will be the primary developer for the projects on a Build, Own and Operate (BOO) basis.
“Access to clean and reliable energy has become an essential building block for all economies across the globe,” said Nisha Joshi, President International Operations & Growth of NGPI. “We believe these projects demonstrate our growing brand awareness in Pakistan, while showcasing the viability of renewable energy projects in the region.”
A lack of reliable energy has adversely affected the Pakistani economy. Due to ongoing electricity shortages, it is estimated that approximately 400,000 people lose their jobs annually.
“These projects will provide direct and indirect benefits to our economy in addition to establishing a renewable energy industry including transfer of technology and other peripheral economic activities,” said Agha Wasif Abbas, Secretary Energy, Government of Sindh.
NGPI and SeaSpire Advisors have begun further due diligence and feasibility and technical studies for the solar and wind projects. Previous feasibility studies demonstrated that Jamshoro Sindh project, the first solar power project in the Province of Sindh, has strong solar potential. The project location also lies within a designated wind corridor.
“We are delighted to contribute to positive change in Pakistan’s power supply industry. Our goal is to break ground as soon as possible to bring much needed electricity to the people of Pakistan,” said Jafer Hasnain, Managing Principal of SeaSpire Advisors.
Once operational, the projects aim to provide enough electricity not only for nearby cities such as Hyderabad and Karachi, but also the national grid, alleviating major load shedding that impacts millions of families and businesses on a daily basis.
“The proposed project of New Generation Power International will open new ways of development in the area and is in line with our national goals,” Murad Ali Shah, Minister for Finance & Energy, Government of Sindh. “The Government of Sindh assures its full cooperation to the team of New Generation Power Consortium for the development of proposed project.”
Total project investment is estimated near $550 million USD and aims to be fully financed from private sources outside Pakistan.
ABOUT NEW GENERATION POWER INTERNATIONAL
NGPI is a global, independent power provider with a portfolio of multi-technology utility scale renewable energy assets. Their vision is to provide clean, reliable power generation to global markets to meet the rapidly increasing demand in an efficient way. Visit the company online at www.newgenpower.com.
ABOUT SEASPIRE ADVISORS
From its base in Chicago, SeaSpire Advisors offers merchant banking, operational oversight and governance to projects that have a positive social impact. Areas of particular focus are global renewable energy, healthcare and agribusiness. Learn more about the company at www.seaspireadvisors.com.
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