MIRA POWER LIMITED
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
The client is Mira Power Ltd, a Pakistan based company which holds the Gulpur Hydropower project as its sole asset. The shareholders in Mira Power Ltd are the Korean consortium of KOSEP, Daelim and Lotte which will construct and operate the project.
What is our funding objective?
The purpose of the funding is to finance the construction of the 102 MW Gulpur Hydropower project, a greenfield run of river hydro. Construction is scheduled to last for four years, once commissioned the Gulpur Hydropower project will provide 465 GWh of clean energy annually.
Why do we fund this investment?
FMO provides funding to the Gulpur Hydropower project to support the development and construction of additional renewable electricity generation in Pakistan. Pakistan's electricity sector is currently significantly underdeveloped and daily power outages of between 12 to 16 hours occur frequently. Additionally Pakistan is currently reliant upon expensive and polluting fuel oil based power generation, once complete the Gulpur project will provided much needed power capacity at well below the average price of electricity generation in Pakistan.
- Region
- Asia
- Country
- Pakistan
- Sector
- Energy
- Effective date
- 5/14/2015
- Total FMO financing
- USD 17.15 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A