The Alternative Energy Development Board (AEDB) has announced that eight of its wind power projects are expected to achieve financial close by June this year.

The board is currently implementing three wind energy projects with a total capacity of 50MW in Jhampir, Pakistan and eight more projects, worth $1.6 billion, are set to generate 550MW of power by 2013. The agency has invested a total of $400m to meet the growing power needs of the country.

In the Sindh region, ten projects are at advanced stage of development and implementation; the AEDB has worked with NEPRA to decide a tariff for wind power facilities.

The projects will receive wind turbines, which have been fully backed by an EPC contract as well as operation and maintenance for an extended period, reports Hindustan Times. The board has negotiated and arranged a counter guarantee programme, with the assistance of the Asian Development Bank (ADB), which has accelerated foreign investment in this sector.

Asian Development Bank and some other international banks have taken equity interest in the wind projects in Pakistan.