RenuEn secures 50MW solar project in Pakistan

1 August 2012 (Last Updated August 1st, 2012 18:30)

Renewable energy company RenuEn has secured a 50MW solar project in Pakistan through its pending acquisition of Team Energy.

Solar

Renewable energy company RenuEn has secured a 50MW solar project in Pakistan through its pending acquisition of Team Energy.

A foreign operating subsidiary joining RenuEn when the deal closes will then manage the solar project.

"This 50MW solar project is a prime example of why the acquisition of Team Energy is so significant for our company."

The firm will recover income through the management of the project over the course of the 25-year power purchase agreement guaranteed by the Pakistani Government.

RenuEn chief executive James Scott said: "This 50MW solar project is a prime example of why the acquisition of Team Energy is so significant for our company."

The company is seeking a construction partner for the $200m project, which will be funded by MIGA, a division of the World Bank.

RenuEn announced on 26 July that it had signed a letter of intent to acquire Team Energy.


Image: The 50MW solar farm is estimated to cost $200m. Photo: courtesy of BotMultichillT.