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THE INVESTOR] Daelim Energy has signed an agreement with Overseas Private Investment Corporation, the US government’s development finance institution, to finance US$100 million for Hawa Energy power project in Pakistan, the company announced on Aug. 10.
Daelim Energy in a power and resources affiliate of South Korea's leading conglomerate
Daelim Group.
The power project will develop and operate a 50-megawatt wind power facility in southwestern Pakistan and the total amount will be US$130 million. By signing the agreement, the rest of the cost will be funded by a loan from OPIC.
Daelim Energy's Millmerran Power Station in Australia. Daelim Energy
This is the first investment through EMA Power Investment, a joint venture with Islam Development Bank’s Infrastructure Fund II. The joint venture participated in the deal as the largest shareholder with 35 percent stake.
The renewable power generation facility will be operational by the second quarter of 2018 and is expecting stable profits as it has secured a 20-year contract with Pakistan government’s Central Power Purchasing Agency.
By Hwang You-mee (
glamazon@heraldcorp.com)
