Globeleq, the emerging markets power company, announced on Friday that it had completed the purchase of a substantial interest in Fauji Kabirwala, a 157 megawatt (MW) natural gas-fired base-load plant.
Commissioned in 1999, the plant is an efficient combined cycle plant, consisting of two gas turbines and one steam turbine, with all power being supplied to the national grid.
"Globeleq is excited to play a significant role in Fauji Kabirwala, which plays an important role in the power sector in Pakistan," said Globeleq Executive Vice-President for Asia Arun Sen. "This investment, along with our strategic partnership with the Fauji Foundation, provides us with a platform for further growth in Pakistan," he added.
Globeleq's Director for Business Development in Pakistan Mahmood Mir said: "Kabirwala a good first investment for us in Pakistan. It positions us to meet the growing demand for efficient, reliable generation in such a dynamic economy," he added.
Globeleq currently owns over 900 MW in Bangladesh, India and Sri Lanka. With more than 1.5 billion dollars in assets, Globeleq is the only operating power company solely focusing on the emerging markets of Africa, the Americas and Asia. The company owns more than 2,500 MW of generating capacity globally and one national power distribution company. Globeleq is actively pursuing acquisitions and new project development. Globeleq Limited, the parent company of the Globeleq group of companies, is a Bermuda-registered corporation.