Foundation Wind Energy - II (Private) Limited
Fauji Foundation is continuing unabated endeavors to enhance its capacity to support welfare and rehabilitation of the Foundation’s employees and beneficiaries. This necessitates timely diversification and expansion of the business portfolio, as per emerging national and international business trends and opportunities. Establishment of Foundation Wind Energy Limited HO to oversee two wind parks FWEL-I & FWEL-II is a step forward in this direction.
In late 2009, Fauji Foundation initiated acquisition process of Green Power (Private) Limited, 50 MW wind energy project.
After successful due diligence process, Fauji Foundation, in a private deal, acquired 80% stake in the project.The project company’s original sponsor was the renowned Tapal Group (AVS enterprises).After acquisition, name of the company had been changed to Foundation Wind Energy-II (Private) Limited (FWEL-II). The Head office of the Company is Located at Rawalpindi, Pakistan.
FWEL-II project site is located at Khutti Kun New Island in the Taluka Mirpu Sakro of Thatta District. Project lies within the wind corridor identified by AEDB for commercial wind projects. The Government of Sindh, through AEDB has allocated Land to the project.
The total investment required for FWEL-I was around US$ 127 million with debt equity ratio of 75% :25%. The Land for the project was arranged from foreign and local banks with a distribution of 66% & 34% respectively. Asian Development Bank and Islamic Development Banks are the Lead Foreign Lenders while National Bank of Pakistan is the Lead Local Lender. The equity financing for the project was arranged by Fauji Foundation (20%), Fauji Fertilizer Bin Qasim Limited (35%) and Cap Asia (A Malaysian Private Equity Firm 25%) and Tapal Group (20%). The financial close of the project was achieved on 4th April 2013.
The Engineering, Procurement and Construction (EPC) Contract was successfully signed off on August 23, 2011 with M/s Nordex Germany (Lead) & M/s DesconEngineering Limited consortium. The project achieved commercial operations (COD) on 10th December 2014. As per EPA signed, the project has to generate 143.7 GWH annually at capacity factor of 32.8%.The electricity generated is sold to the Central Power Purchasing Agency (CPPA) at 132 KV National Transmission and Desptach Company (NTDC) Thatta grid station. The project is registered with CDM, UNFCCC under KYOTO Protocol.It is expected to earn around 80,000 CERs (Carbon credits) annually.
The O&M of the project is with Nordex (WTGs) and Descon (EBOP) consortium during the warranty period of two years.