Wind Power Generation
14.74 Rs / kWh
Central Power Purchasing Agency Guaranteed Ltd.
33 GE Turbines
A.F. Fergusons and Co.
Advocate High Court,
Muhammed Munir Khan.
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. Currently in the construction phase, the project is expected to come online by end 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 Overseas Private Investment Corporation (OPIC) and a group of local financial institutions.
The wind farm is situated on 1,408 acres of land, allocated to the project by AEDB in the Jhimpir Wind Corrdior. Jhimpir is located about 33 km north of district Thatta, and 55 km south of Hyderababd. 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.
In line with standard international practices, the project is being developed under a fixed price, fixed schedule turn-key Contract. After careful consideration, the EPC contract was signed with Huadong Engineering Corporation (HDEC), one of China’s largest Engineering firms with extensive expertise in wind power.
The project will generate electricity through 33 x 1.5 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 1.5 MW xle (chosen for this project) is a highly advanced model and comes with a WindBOOST Control System that enhances performance by increasing Annual Energy Production upto 4%, resulting in higher return on investment.
The O&M of the Project will be performed by the EPC Contractor (through General Electric) during the first two years following Commercial Operations Date on a turnkey basis. There after, General Electric will directly under take the O&M of the Project from year 3 to 10 (following commercial operations date).
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