FWEL – II Overview

Foundation Wind Energy – II Limited (FWEL-II) is a 50 MW wind power generation project located at Khutti Kun New Island in the Taluka Mirpur Sakro of Thatta District in Sindh. The head office of FWEL-II is located at Rawalpindi, Pakistan. The Project lies within the wind corridor identified by AEDB for commercial wind projects. The Government of Sindh, through AEDB has allocated land for the Project. FWEL-II is a Build Own Operate (BOO) project and the farm life is of 20 years.

The total investment required for FWEL-II was around USD 127 million with debt equity ratio of 75% : 25%. The land for the Project was arranged from foreign and local banks with a distribution of 66% & 34% respectively. Asian Development Bank and Islamic Development Banks are the Lead Foreign Lenders while National Bank of Pakistan is the Lead Local Lender. The equity financing for the project was initially arranged by Fauji Foundation (20%), Fauji Fertilizer Bin Qasim Limited (35%), CapAsia (a Malaysian Private Equity Firm 25%) and Tapal Group (20%). However, in Sep 2021 shares of Fauji Foundation, Fauji Fertilizer Bin Qasim Limited and CapAsia (80%) shares have been acquired by the Fauji Fertilizer Company. The Engineering, Procurement and Construction (EPC) Contract was signed on 23rd August, 2011 with M/s Nordex Germany (Lead) & M/s Descon Engineering Limited Consortium. The Project achieved financial close on 4th April 2013 and commercial operations commenced in December 2014. The O&M Contractors of the Project are Nordex Pakistan (Private) Limited and Descon Power Solutions (Private) Limited.

There are 20 x 2.5 MW Nordex (Model N-100, Gama Version) wind turbine generators installed in the Project. As per the Energy Purchase Agreement, the Project required to generate 143.7 GWH annually at a capacity factor of 32.8%. The electricity generated is sold to the Central Power Purchasing Agency at 132 KV National Transmission and Dispatch Company Thatta grid station. The project is registered with CDM, UNFCCC under KYOTO Protocol. The Project also boosts a wide range of CSR activities in the areas surrounding the Project Site.