Pakistan Wind Energy Investment
Pakistan Wind Farm Lands $5 Billion Deal
Reuters recently reported the Chinese-owned oil and gas company United Energy Group Ltd announced it could obtain a $5 billion credit facility with China Development Bank Corp to help fund a wind farm in Pakistan. United Energy Group has also been approached by other companies to co-invest in this particular project.
United Energy, which is run by billionaire Zhang Hongwei, signed a loan facility with the China Development Bank back in December 2010. The deal gave United Energy the $5 billion for projects and helped further the bank’s goal of helping to expand mainland Chinese companies past its own borders.
United Energy just got permission from the Pakistani government to build a 500 MW wind power project. According to Reuters, projects that size generally cost about $1 billion, but the final size of the wind farm has yet to be revealed.