Anam Waqas Ghayour
PACRA Withdraws Entity Ratings of Metro Wind Power Limited
Subsequent to the management's decision to discontinue the entity ratings of Metro Wind Power Limited, PACRA withdraws the entity ratings of Metro Wind Power Limited with immediate effect.
Metro Wind Power Limited, incorporated in August 2015, is a Renewable Energy Independent Power Producer (RE IPP) operating under the Renewable Energy Policy 2006 by AEDB. The 60MW wind IPP is setting up in Jhimpir, District Thatta, Sindh. Mr. Danish Iqbal is the CEO of the company. Mr. Danish has over twenty three years of experience as a Businessman and Industrialist. Mr. Danish has graduated from American University of Sharjah in Sciences. The total estimated cost of the project is USD 73.932mln. Debt financing constitutes 80% of the project cost i.e. USD 59.15mln, all of which is financed from foreign financial institutions. The foreign facility has tenor of thirteen years with two years grace period and quarterly repayments. The project construction will start in May 2020 with the COD expected in 15 months after that i.e. August 2021. Mr. Iqbal Alimohamed & Family, the sponsor of MWPL have a long history spanning over 72 years. The Sponsors already have two operational wind power plants in Jhimpir, Sindh (MPCL and GAWPL)