Modern Energy Management adds Hawa wind farm to Pakistan portfolio
Modern Energy Management (MEM), a specialist in delivering project lifecycle certainty to renewable energy developers, financiers and investors has announced is to provide project management services during construction of the 50MW Hawa wind farm in the Sindh Valley, Pakistan.
With a wind energy development pipeline of over 1GW scheduled for installation by 2018, Pakistan’s wind ambitions will require strong technical and project expertise in order to continue to secure the foreign investment that has been allocated to the market to date.
MEM’s initial involvement in the Hawa project came when advising Canadian renewable energy IPP, JCM Power, on investing in the Pakistani wind market. Working directly with the IPP and using its own Investment Grade Verification (IGV) service, MEM carried out pre-screening and initial due diligence, as well as assisting the investor in de-risking the project following financial close.
Following this important pre-investment work with JCM Power, MEM has now been appointed to provide project management services during the construction.
Having now achieved financial close, construction on the project is expected to be completed ahead of initial power production in February 2018. Powered by GE turbines, the construction will be managed by HDEC, a subsidiary of PowerChina.
“At MEM we believe that the Pakistan wind energy market offers an excellent opportunity for emerging market investors,” says Aaron Daniels, Managing Director, Modern Energy Management.
“Our unique approach in bridging the various development silos – financial, commercial and technical – enables us to reduce costs and de-risk projects in emerging markets, significantly improving the internal rate of return for investors. In this instance, our market knowledge enabled us to identify the Hawa Energy Project as that which best suited JCM Power’s requirements.”
Jon Bahen, JCM Power, says: “We had already partnered with MEM in other emerging markets, so were aware of the firm’s expertise in securing projects of an investment grade standard. We look forward to continuing our work with the business as the Hawa wind farm moves towards construction completion.”