ZEPHYR POWER (PVT) LTD. (FMO-51255)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • Pakistan
Where the impacts of the investment may be experienced.
Specific Location
Gharo, Karachi, Pakistan
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
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Apr 20, 2017
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
ZEPHYR POWER (PVT) LTD.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
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)
$ 20.65 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.65 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 10, 2018


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Project Description

According to FMO website, Zephyr Power (PVT) Limited is a company incorporated in Pakistan which is developing a 50 MW wind park near Karachi. The bank provides a combination of senior and subordinated long-term loans to Zephyr Power. FMO funds the development and construction of a 50 MW wind park located near Gharo, in the vicinity of Karachi, Pakistan. FMO financing allows Zephyr Power to be fully funded through its construction and initial operations phase. Also, the project provides an additional source of clean, renewable energy to Pakistan. Pakistan currently has a demand for electricity which exceeds its reliable generation capacity by over 25%, resulting in frequent power outages. 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Zephyr Power (PVT) Limited is a company incorporated in Pakistan which is developing a 50 MW wind park near Karachi. Zephyr Power is owned by a consortium of local Pakistani business people and CDC Group PLC, the development finance institution of the United Kingdom.

Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism