Following the successful financial close of our 50 MW wind power project, we are now looking to further invest in this sector with the 100 MW MGEL Project. Although the project is in its early stages, we have successfully been issued a Letter of Intent (LOI) by the Government of Sindh, to pursue the project. We have identified suitable land in District Jamshoro, Sindh and the formal land acquisition process is currently underway.
On the financial front, we are currently in discussions with a number of local financial institutions to arrange the debt funding for the project. In September 2015, we invited interested engineering firms to submit proposals for the Engineering, Procurement and Construction (EPC) of the project. As of November 2015, we received several proposals; the final contract will be awarded based on careful evaluation of these proposals. We hope to achieve Financial Close for the project by the end of 2016.