Projects

Master Wind Energy Limited (MWEL) is Master Group’s first foray into the energy business. It is a 52.8 MW Wind power project located in Jhimpir, Sindh. The Project achieved Commercial Operations Date (“COD”) on 14th October, 2016.

This project is in line with the Government of Pakistan’s desire to reduce dependence on thermal generation and increase the share of renewables in the energy mix. MWEL is being financed by a consortium of lenders, comprising US International Development Finance Corporation (“DFC”) (formerly known as Overseas Private Investment Corporation (“OPIC”)) and a group of local financial institutions.

Location

The wind farm is situated on 1,408 acres of land, allocated to the project by AEDB in the Jhimpir Wind Corridor. Jhimpir is located about 33 km north of district Thatta, and 55 km south of Hyderabad. It is accessible via the Super Highway which runs between Karachi and Hyderabad. With high wind speeds and sparse population, the area is considered ideal for wind power projects.

Project Implementation

The EPC contract was signed with PowerChina, one of China’s largest Engineering firms with extensive expertise in wind power.

The project generates electricity through 33 x 1.6 MW GE turbines. General Electric ranks as one of the world’s leading wind turbine suppliers, boasting an extensive product portfolio and support services extending from development assistance to operations and maintenance. The GE 1.6 MW xle (chosen for this project) is a highly advanced model and comes with a Wind BOOST Control System that enhances performance by increasing Annual Energy Production up to 4%, resulting in higher return on investment.

The O&M of the Project was performed by Zhejiang Huadong Engineering Science & Technology Development Co. Limited during the first two years following COD. Thereafter, GE Vernova International LLC formerly General Electric International Inc. is undertaking the O&M services of the Project.

Tariff

The project is being developed under the Upfront Tariff Regime announced by the Government in 2013. The Feed in Tariff (along with permitted indexations and escalations) will be applicable through out the concession period of 20 years from achievement of commercial operations. The concession shall be backed by sovereign guarantees that are given by the GOP under the Concession Agreements namely the Energy Purchase Agreement and the Implementation Agreement. For MWEL, with 50% local and 50% foreign financing, electricity will be supplied to the grid at a levelized rate of 14.74 Rs/kwh. Details of the tariff are summarized below:


Levelized Tariff @ 10% = US cents 15.1088 / kWh