In Pakistan, the government's Alternative Energy Development Board (AEDB) has signed agreements with developers for projects that are expected will increase the country's wind power capacity by 560 MW.
AEDB is tasked with promoting renewables installation in Pakistan and has inked implementation and guarantee agreements with independent power producers (IPPs) for a total of 11 projects.
The move is aligned with Pakistan's energy transition goals, which will see the country transition to 30% renewable energy by 2030, and curtail Pakistan's dependence on fossil fuel imports.
According to the agency, the growth in wind capacity is expected to lead to the production of over 1.8 billion kWh of clean power per year.
Six of the projects will be supported by the International Finance Corp (IFC), which recently signed agreements to finance what is commonly referred to as the "Super Six" project portfolio with $450 million (€406.9 million) in debt.
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Those projects, boasting a combined 310 MW of renewable energy capacity, will be installed in the Jhimpir wind corridor in Sindh province and will be capable of covering the annual electricity consumption of 450,000 homes whilst offsetting approximately 650,000 tonnes of carbon dioxide (CO2) emissions annually, the IFC said in a separate statement.
The new initiative is expected to provide approximately $86 million in funds from its own account and $234 million from other lenders, with all 11 projects expected to be online by 2021.