RIAA Barker Gillette (Pakistan) was engaged by Lakeside Energy Limited as project company counsel for the development, construction and operation of their 50 MW wind power project in Jhimpir, Sindh, Pakistan, at an estimated cost of USD 65 million.
We advised on the project’s licence, tariff, implementation agreement and power purchase agreement and assisted with negotiations with the Alternate Energy Development Board. Further, we negotiated and finalised project documents with the EPC Contractors, as well as the finance documents, with a consortium of local and foreign lenders, including Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) to enable Lakeside Energy Limited to achieve financial close within a tight timeline. Subsequent to the financial close, we assisted the company on various matters pertaining to the disbursement of finances and the construction of the project. The project achieved commercial operations in April 2022.
We are delighted to have assisted in a project that will contribute to economic growth by adding low-cost and clean power to Pakistan. The project will supply clean wind energy at 4.7 cents per unit which is reported to be the cheapest cost of renewable energy supplied in the country. In Karachi, our team was led by the Managing Partner of Pakistan, Bilal Shaukat and Pakistan Partner Shafaq Rehman. Our Islamabad-based Partner, Nadir Altaf, advised the company on tariffs and other regulatory matters.
More details on the project can be found at: https://www.brecorder.com/news/40167501/naveena-groups-65-million-wind-power-project-begins-operations
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