BNY Mellon has been appointed by Turkey-based Zorlu Enerji, a provider of thermal power, to provide corporate trust services for the first ever internationally financed wind power project in Pakistan. The project is financed by the International Finance Corporation, a member of the World Bank.
BNY Mellon will serve as facility agent, offshore account bank and security trustee to Zorlu Enerji Pakistan, which will operate as an independent power producer selling electricity to the National Transmission and Despatch Company, the main power provider and operating body for Pakistan, under a 20 year purchase agreement. The project covers the construction, operation and maintenance of a 56.4 megawatt wind farm and associated facilities in Jhimpir, Pakistan.
I. Sinan Ak, General Manager, Zorlu Enerji, said: We selected BNY Mellons services after having seen their impressive work on previous project finance deals, including a wind farm deal in Turkey. This is an exciting project and we are proud to be involved in the development of Pakistans renewable capabilities.
(JDC)