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FFBL plans to invest $14.7 million in wind energy

Fauji Fertilizer Bin Qasim Limited (FFBL) has decided to invest $14.7 million in Foundation Wind Energy, sources said.

The company plans to invest $8.4 million in Foundation Wind Energy-I for a period of two years and $6.3 million in Foundation Wind Energy-II for a period of two years, sources said.

The resolutions for the investment will be placed and approved at the extraordinary general meeting of the company (EOGM) scheduled to be held on November 25.

The Fauji Fertilizer Bin Qasim Limited intends to purchase shares of Foundation Wind Energy-I at par value of Rs10 per share. The Foundation Wind Energy-I has not commenced commercial operations as yet.

In order to sustain profitability through diversification of business, the military business, ie, Fauji Foundation has been exploring new sources of investment and income.

Hence, the FFBL has decided to invest in the power generation business, sources said.The Fauji Fertilizer Bin Qasim Limited considers these projects to be long-term stable investment, offering a steady and attractive revenue stream to the company.

Foundation Wind Energy-I is a 50MW wind power project located in Gharo, Sindh. It was formerly known as Beacon Energy Limited and a majority shareholding was acquired by Fauji Foundation from the Beacon Group.

FFBL intends to purchase shares of Foundation Wind Energy-II at par value of Rs100 per share. The Foundation Wind Energy-II has also not commenced commercial operations as yet.

The Foundation Wind Energy-II is a 50MW wind power project located in Gharo, Sindh. It was formerly known as Green Power (Pvt) Limited and a majority shareholding was acquired by Fauji Foundation from the Tapal Group, sources said.The Fauji Fertilizer Bin Qasim Limited expects this investment to start paying returns on investment by financial year 2014-15, they added.

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