The 50 MW wind energy facility has been developed on a Build, Own, and Operate (BOO) model, spanning approximately 325 acres in Deh Kohistan, Sindh. The project is owned and operated by Din Energy Ltd (DEL), a Renewable Energy Independent Power Producer (RE IPP) functioning under the provisions of Pakistan’s Renewable Energy Policy 2006.

Din Energy Ltd adopted the Cost-Plus Tariff mechanism for wind power projects as determined by NEPRA in 2019. As per the approved tariff structure, the project enjoys a generation tariff of PKR 7.33 per kilowatt-hour (kWh) for the initial 10 years, followed by a reduced rate of PKR 2.4026 per kWh from years 11 to 25. The levelized tariff, calculated at the time of financial close, is US Cents 4.7824/kwh. For the July to September 2025 quarter, NEPRA has revised the applicable tariff to PKR 13.9695/kWh, reflecting periodic indexation adjustments.

In alignment with NEPRA's regulatory framework, the Internal Rate of Return (IRR) for the project has been established at 14%.

Din Energy is owned by Din Group and its founding family members; while shareholding is segregated as: Din Corporation Pvt Ltd and Din Ventures Pvt Ltd owned (31.67%) each, while Din Industries Management Pvt Ltd (5%), Shaikh Muhammad Pervez (15.8%), Ghazala Pervez (15.8%), Fawad Jawed (0.0002%), Farhad Shaikh Mohammad (0.0002%) and Irfan Muneer (0.0002%).

Din Energy operates under the umbrella of the Din Group, one of Pakistan’s well established and diversified business conglomerates. With a legacy spanning several decades, the Group has successfully expanded into the renewable energy sector with a clear focus on sustainable development. Its ventures in clean energy are backed by extensive business experience and in-depth sector knowledge, lending credibility and operational stability to Din Energy’s initiatives.

The leadership team of Din Energy comprises seasoned entrepreneurs and professionals who bring decades of hands-on experience across diverse industries. Individuals such as Shaikh Mohammad Pervez, Fawad Jawed, Farhad Shaikh Mohammad, and Ghazala Pervez have held key leadership positions across textiles, energy and real estate. Their collective strategic insight, corporate governance capabilities, and track record of successfully running multiple enterprises speak to the Group's strong business acumen.

The financial standing of Din Energy is reinforced by the robust and diversified business portfolio of its sponsors. The Din Group has established successful operations across high-value industries, which enables the company to ensure long-term financial sustainability and resilience. The Group’s proven ability to fund and support large-scale projects underlines its solid financial foundation.

The Board of Directors of Din Energy consists of four members, including the Chief Executive Officer. All members are directly associated with the founding family of the Din Group and also hold leadership roles across other companies within the Group’s portfolio. Their involvement across related entities ensures close alignment between Din Energy and the broader strategic direction of the Group, allowing for integrated decision-making and continuity in leadership.

The members of the board have a long-standing association with the Din Group and bring with them extensive experience across key sectors such as energy, textiles and real estate. Their backgrounds combine operational leadership with strategic oversight, supported by formal business education and direct involvement in managing group companies. This blend of experience strengthens the board’s ability to guide Din Energy effectively.

The board operates with a clear governance structure and holds regular meetings to deliberate on core matters such as plant operations, financial planning, regulatory compliance, and risk management. With each member deeply involved in the broader activities of the Din Group, discussions are both informed and grounded in real-time business realities.

Din Energy’s financial statements for the year ended June 30, 2024 were audited by BDO Ebrahim & Co., a top-tier firm rated in the ‘A’ category by the State Bank of Pakistan. The auditors issued an unqualified opinion, reflecting the accuracy and reliability of the company's financial reporting. The audit for FY25 is currently underway and being carried out in accordance with all applicable regulations.

Din Energy operates under a lean and efficient organizational framework that is typical of Independent Power Producers (IPPs). The structure focuses primarily on core financial and technical functions, while specialized services such as engineering, construction, and plant operations are outsourced to expert third-party contractors. This model ensures operational efficiency, cost control, and access to high-quality technical expertise without overextending internal resources.

The company’s day-to-day operations are overseen by Mr. Farhad Shaikh Mohammad, who has played a central role in directing the company's strategic and operational priorities. He is supported by Mr. Mansoor Khan, an experienced project head with expertise in managing large-scale infrastructure and energy projects. Together, they are backed by a capable management team that brings a strong blend of technical knowledge, project execution skills, and leadership continuity to the organization.

Din Energy’s management emphasizes structured decision-making and streamlined processes to enhance overall efficiency. With strong internal controls in place, the company ensures operational discipline and timely execution across all key functions.

Din Energy continues to invest in advanced IT systems to strengthen its internal controls and operational output. With enterprise solutions such as SAP, the company has enhanced its ability to monitor performance, streamline processes, and ensure data accuracy across various functions.

DIN Energy is being developed in accordance with the Renewable Energy Policy of 2006. The Energy Purchase Agreement (EPA) has been executed with CPPA-G and carries a tenure of 25 years, ensuring a long-term commitment to energy supply.

The company has secured a long-term Operation and Maintenance (O&M) contract that commenced on March 27, 2024. This agreement is with Siemens Gamesa Renewable Energy and Orient Energy, ensuring expert management of plant operations.

Wind resource risk, as defined under the Renewable Energy Policy 2006, pertains to the variability in wind speed. According to the EPA, the Developer assumes responsibility for wind-related risks and any losses arising from such variations. However, in the event of curtailment by the power purchaser, the plant is entitled to receive NPMVs (Non project missed values) compensation based on estimated power generation.

DIN Energy has secured insurance coverage with Adamjee Insurance for all operational risks, business interruption, third-party liabilities, and property damage. This insurance is effective from March 2025 to March 2026, ensuring comprehensive protection throughout the initial period of operations.

FY2025, external factors remained a key consideration, with the government’s ongoing reforms directly impacting Independent Power Producers (IPPs). These include tariff renegotiations, a gradual shift from take-or-pay to demand-linked take-and-pay agreements, and possible revisions or terminations of long-term PPAs. Along with circular debt settlement measures and the anticipated transition toward the Competitive Trading Bilateral Contract Market (CTBCM), these regulatory changes are expected to shape the industry outlook and investment dynamics.

During the year, Pakistan’s total electricity generation remained broadly stable, while overall consumption fell by 3.6% in the first three quarters due to high tariffs and rising off-grid solar adoption. Momentum, however, shifted in the fourth quarter, with demand surging by 35% to 58% as industrial users returned to the national grid, supported by macroeconomic stabilization and renewed engagement with IPPs. In the generation mix, hydel power contributed the most with 31.44%, followed by RLNG at 17.48%, local coal at 12.23%, imported coal at 7.13%, and smaller shares from nuclear, gas, wind, and furnace oil. Solar added about 5%, with rapid industrial and commercial adoption through captive and net-metered installations continuing to reshape sector dynamics by lowering grid demand and creating utilization pressure on conventional IPPs.

The Company achieved it's COD in March 2022, and has generated energy 111.42GWh of electricity during FY25, this figure is reported excluding NPMVs.

The Power Purchase Agreement specifies performance benchmarks for the Company, including an annual generation target of 166.440 GWh and a minimum capacity factor of 38%.

The total project cost approved under NEPRA is USD 63.906mln, consisting of 80% of debt (USD 51.12ml) and 20% of equity (USD 12.78mln). The debt financing constitutes foreign loan of USD 25.89 mln (3MSOFR+4.25%) and the local loan is of PKR 4.5bln (SBP refinancing rate of 3%+1.75%). The foreign loan has the maturity of 13 years while the local loan has maturity of 10 years. Both the local and foreign loan are repayable in quarterly installments. Local and foreign loan facility will be settled in 40 and 52 quarterly installments respectively. As of now Din energy has paid off its 35% of local loan and 19% of foreign loan.

During FY25, DEL has liquidated its investment in mutual funds also had a better recovery from the power purchaser depicting improved liquidity profile of the Company.

Renewable IPPs do not have to pay for fuel which minimize their working capital needs, however in order to keep plant operational O&M activities needs to be funded. Net working capital days of the DEL stood at 83 days as of FY25. DEL uses mix of internal cash generation and short-term working capital lines to meet the operational needs.

The stability and sustainability of future cash flows of DIN Energy depends completely on continuous performance of its wind turbines. Free cashflow of DEL during for FY25 stood at ~PKR 1347mln (FY24: PKR 1,866mln , FY23: PKR 818mln). Interest coverage ratio (EBITDA/Finance Cost) as at FY25 clocked at 1.9x (FY24: 2.2x, FY23: 1.1x). In order to make quarterly principal repayments of debt, which also includes foreign debt, the Company maintains the Payment Service Reserve Account (PSRA), which is equivalent to two quarterly payments (six months).

DEL's leveraging at year end June 25, stood at 73.9% (FY24 :74.1% ,FY23: 79.8%), majorly comprises of project related debt. The Company has been paying its principal and interest instalments as per their agreement with the financing authority and going forward with timely repayments leveraging is expected to decrease.