KARACHI: Boards of Fauji Foundation (FF) and Fauji Fertilizer Bin Qasim Limited (FFBL) has approved a plan to sell their entire shareholdings in wind power companies to Fauji Fertilizer Company Limited (FFC). The companies obtained approval from their respective boards in response to a letter of intent by Fauji Fertilizer Company.

Managements of FF and FFBL approved the letter of intent sent by the Fauji Fertilizer Company for the acquisition of their entire shareholdings in Foundation Wind Energy – I Limited (FWEL-I) and Foundation Wind Energy – II Limited (FWEL-II). The approval of the acquisition plan is subjected to the approval by the shareholders and the regulatory authority, the statement issued by FFC at the Pakistan Stock Exchange said. The approval, where applicable at an aggregate consideration not exceeding 14.072,340 billion rupees (Fourteen billion Seventy-two million three hundred and forty thousand only), the statement said.

FWEL-I and FWEL-II are 50 MW wind power generation projects each located at Khutti Kun New Island in the Taluka Mirpur Sakro of Thatta District in Sindh. The head office of FWEL-I and FWEL-II are located in Rawalpindi, Pakistan.

The Project lies within the wind corridor identified by the Alternative Energy Development Board (AEDB) for commercial wind projects. The Government of Sindh, through AEDB, has allocated land for the Projects. FWEL-I and FWEL-II are a Build, Own and Operate Basis (BOO) project and the farm life is of 20 years.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

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