Gul Ahmed Electric Limited (IFC-40974)

Countries
  • Pakistan
Where the impacts of the investment may be experienced.
Specific Location
Jhimpir Wind Corridor, Thatta district of Sindh province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 25, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
GUL AHMED ELECTRIC LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.90 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 73.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 19, 2019

Disclosed by Bank Sep 16, 2019


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank website, "The project comprises of the development, construction, and operation & maintenance of a 50 MW greenfield wind power project in Pakistan, in the Jhimpir wind corridor in the Sindh province (the Project). The project will be connected to the national grid and will enter into a 25-year Energy Purchase Agreement with the Central Power Purchasing Agency Guarantee Limited (CPPA-G). The project will involve installation of 20 Goldwind 2.5 MW turbines. Each turbine will have a hub height of 90 m and a blade diameter of 121 m. The project site falls within the Gharo-Jhimpir wind corridor, which is located in the southwest of Sindh province and comprises two clusters of wind resource areas: Gharo, which is located near to the coast and the inland Jhimpir Wind Farm Region (JWR) located in the district of Thatta with, an approximate area of 157 km2."

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Central Power Purchasing Agency Guarantee Limited -- Customer
  • Gul Ahmed Electric Limited (GEL) -- Implementing Company
  • Gul Ahmed Energy Limited -- Subsidiary
  • Gul Ahmed Group -- Parent Company
  • Hangzhou Huachen Electric Power Control Company -- Engineering and Construction Contract
  • HydroChina -- Operation Contract
  • Hydrochina International Engineering Company -- Engineering and Construction Contract
  • National Transmission and Dispatch Company Limited -- Customer
  • PowerChina -- Engineering and Construction Contract

According to IFC, "The Project is being implemented by Gul Ahmed Electric Limited (GEL), a special purpose vehicle (SPV) incorporated under the laws of Pakistan. GEL is wholly owned by Gul Ahmed Energy Limited (GAEL), which is majority owned by individuals of the Gul Ahmed Group. GAEL operates a 136 MW RFO-based IPP under a Power Purchase Agreement with K-Electric (KEL), a power utility that serves the city of Karachi and surrounding regions.

Established in 1948, the Gul Ahmed Group is one of Pakistan’s leading family-owned groups, engaged in a diversified portfolio of business including trade, manufacturing, banking, and energy."

Contact Information

Gul Ahmed Electric Limited
Ubaid Amanullah, Executive Director
+92 21 3437 0034-8

7th Floor, Al-Tijarah Centre, 32-1-A, Block 6, P.E.C.H.S., Main Shahra-e-Faisal Road, Karachi, Pakistan

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/