KARACHI: RenuEn Corporation of the United States, a rapidly expanding renewable energy roll up company focused on solar, wind and geothermal energy solutions, has secured a 50MW solar project in Pakistan through its pending acquisition of Team Energy Inc, said a statement on Tuesday.
The project will be managed by a foreign operating subsidiary, which is also joining RenuEn upon closing of the acquisition, it said.
The power purchase agreement (PPA) is guaranteed by the government of Pakistan and is for 25 years. For their management in the project, the company will realise income throughout the duration of the power purchase agreement.
The projected installed cost is $200 million and the company will be choosing its construction partner soon, said the statement.
The government of Pakistan would be the power purchaser, it said, adding that the project meets all the criteria for MIGA investment guaranty coverage. MIGA is a division of the World Bank.
“Team Energy has extensive international experience in developing power projects and this 50MW solar farm is just one of many they have secured,” said James Scott, CEO of RenuEn.
“This 50MW solar project is a prime example of why the acquisition of Team Energy is so significant for our company. Their reputation as a leader in large-scale power development projects is outstanding, and we are proud to be joining forces with a company of their caliber.”
“Although our primary focus is on domestic landfill compressed natural gas, Team Energy has many other opportunities to bring selective projects like this to the company,” commented Don Wood, CEO of Team Energy.
“We are very excited to secure such a large and prestigious project like this, and we look forward to continuing to bring these types of specialised projects to RenuEn.”