CDC Group and Gul Ahmed Metro Group forge joint venture to scale renewable power in Pakistan
- The Metro-BII Renewables joint venture aims to add 500 megawatts (MW) low-cost renewable power to Pakistan in the medium term, increasing jobs and expanding economic opportunities
- The joint venture will mitigate Pakistan’s carbon emissions, cutting 728,000 tonnes of carbon dioxide per year for the planet
- Investment aligns with CDC’s ambition to invest over £3 billion of climate finance over the next five years
Mike Nithavrianakis, British Deputy High Commissioner & Director for Trade Pakistan, commented: “CDC is an integral part of the UK’s footprint in Pakistan, and its new name, British International Investment, reflects its increased scope in creating economic opportunities and promoting productive, sustainable and inclusive development. The transition to clean, green energy is a key priority, and innovative projects like Metro-BII Renewables will contribute significantly towards reducing emissions. I am delighted that CDC and Gul Ahmed Metro Group are entering entering into this partnership and combining their expertise to promote renewables in Pakistan.”
Danish Iqbal, Chairman, Gul Ahmed Metro Group, commented: “It is with great pleasure that we announce our new partnership with CDC Group. CDC is aligned with our vision to lead the winds of change in Pakistan’s transformation to achieve green energy
future by 2030. The GAM Group harnesses renewable energy while maintaining the highest standards of quality, safety & environmental sustainability with an unwavering commitment to our stakeholders. We hope to deepen our collaboration with foreign partners for multilateral investments in the renewable energy sector as this will help in facilitating more business activity and foreign exchange in Pakistan.”
Notes to Editors
About CDC Group
- CDC will become British International Investment plc on 4 April 2022. You can read more here.
- CDC is the UK Government’s international impact investor with over 70 years of experience of successfully supporting the sustainable, long-term growth of businesses in Asia and Africa. Under its new strategy which begins on 1 January 2022, its geographical mandate will be expanded to include Indo-Pacific countries and the Caribbean.
- CDC has a portfolio value of $2.2bn in Asia, with 400 businesses in its portfolio. Its Asia portfolio highlights include: Zephyr Power, Ayana Renewable Power, Fourth Partner Energy, Energy Access Relief Fund, Indifi technologies, Aavishkaar, BigBasket, Equitas Bank among many others.
- The company is a leading player in the fight against climate change and has committed more than £700m of climate finance over the last four years. It plans to invest over £3 billion in climate finance between 2022 and 2026
- CDC is also a founding member of the 2X challenge which has raised $10bn to empower women’s economic development.
- The company has investments in over 1000 businesses in emerging economies and total assets of £6.9 billion. In 2020, CDC committed over of £1.1 billion to businesses in Asia and Africa and aims to invest up to £1.3 billion in 2021 – with a focus on driving inclusive growth, job creation and supporting economic recovery from COVID-19.
- CDC is funded by the UK government and is a champion of the UN’s Sustainable Development Goals. All proceeds from CDC’s investments are reinvested to improve the lives of millions of people in Asia and Africa
- CDC’s expertise makes it an ideal partner for private investors looking to devote capital to making a measurable environmental and social impact in countries most in need of investment.
About Gul Ahmed Metro Group
- The Gul Ahmed Metro Group started its journey in energy production through the establishment of its thermal power plant in 1997. After witnessing the shortage of electricity in Pakistan and the potential to develop renewable means of electricity generation, GAM set the groundwork for its first two wind projects in 2006 and is now a leading energy producer in this sector.
- The group now consists of two wind projects of 50 Megawatts (MW) each, which have been operating since 2016.
- An additional two wind projects are currently under construction, including the 60 MW MWPL.
- MWPL is setting up 30 Siemens-Gamesa (G114 2.0MW) Wind Turbine Generators (WTG) having a hub height of 93 meters. This hub height is the highest compared to the other models installed in the Thatta territory. Combined with the blade length, these WTGs are designed for optimal functioning to harness the most out of the renewable resource in the Gharo-Jhimpir Wind Corridor.
- Our sponsor and equity partner for MWPL consists of the Iqbal Alimohamed family with the project being funded by the International Finance Corporation (IFC) and DEG.