The China Three Gorges Corporation has official wrapped up construction work on its first wind farm in Pakistan, as part of vigorous efforts by the state-owned renewable energy giant to expand into the South Asian market.
Total investment for the Three Gorges wind farm in Pakistan was $130 million, for the creation of total installed capacity of 49.5 MW. The project has taken just over two years to complete, with work commencing at the end of January in 2013 and initial commercial operation beginning on November 25, 2014.
Three Gorges Corporation has touted the project as the first wind farm that a Chinese company has funded and built in Pakistan, as well as the only wind farm in Pakistan to be completed ahead of schedule.
At a completion ceremony held on March 11, China Three Gorges chairman Lu Chun said that Pakistan was a key strategic investment market for the company due to its close strategic ties with China, as well as its abundance of clean energy resources and strong market demand.
In order to foster its expansion into the Pakistani market, China Three Gorges has established China Three Gorges South Asia Investment Limited (CSAIL) an investment holding company in Pakistan that aspires to become the country’s largest renewable energy company.
The company has over 2 GW of solar, wind, and hydropower projects in the pipeline, with key projects that have already entered the construction phase including two hydropower plants with expected capacities of 720 MW and 1.1 GW respectively.
CSAIL has already obtained the support of some heavyweight backers, including the World Bank’s International Finance Corporation, which has acquired a 15% equity stake in the company.
China’s $40 billion Silk Road infrastructure fund, whose establishment was announced by Beijing in November of last year, has also expressed strong interest in either investing in or cooperating with CSAIL in the South Asian market.