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DEAL ANALYSIS: Foundation Wind Energy

06 June 2012

Although only the third Pakistani wind project to reach financial close – after Zorlu Enerji Pakistan followed by FFC Wind Energy (sponsored by Fauji Fertilizer Company) – the financing for the Foundation Wind Energy I and II (FWE I and II) projects demonstrates significant innovation on the part of the Asian Development Bank (ADB) and the Islamic Development Bank (IDB). By acting as partial credit guarantor for the IDB, which is taking 100% of the credit exposure, the ADB was able to participate in its first fully shariah-compliant project financing. The deal broadens the lending base for Islamic wind developers and its structure provides a template to be repeated as the number of license applications in Pakistan’s sponsor-friendly wind tariff regime continues to grow. Sponsored by Fauji Foundation, Tapal Group, and the Islamic Infrastructure Fund (which is backed by the ADB and IDB and was introduced to the deal by...

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