IFC Power Client and Project Earn Project Finance Awards
February 10, 2012 -- An IFC client, ACWA Power, and an IFC project, Zorlu Wind, have been recognized by two leading infrastructure trade publications.
Thompson Reuters’ Project Finance International awarded the Global Sponsor of the Year 2011 prize to ACWA Power, a privately held developer, owner, and operator of power generation and desalinated water production plants in the Middle East. Meanwhile, Euromoney Project Finance Magazine announced that the Zorlu Enerji Pakistan project has won the Middle East Renewables Deal of the Year award.
“It is indeed very humbling while at the same time highly motivating, given that we are being judged alongside well-established international competitors who are extremely active across the global domain,” said ACWA Power’s Chief Executive Officer Paddy Padmanathan.
Citing ACWA Power’s achievements, Project Finance International noted that the company is the only serious firm to emerge and become a well established developer in the Middle East and beyond. In addition to a near perfect track record of ACWA Power’s home market in Saudi Arabia, in 2011, the company achieved financial close on the Qurayyah project, which is the largest gas-fired independent power project in the world.
In the February 2012 issue, Euromoney Project Finance praised the landmark Zorlu Enerji Pakistan “as the first internationally financed wind farm in the country with a foreign developer.” The project promotes South-South investment by supporting the entry of a Turkish power company in Pakistan where few international players currently operate. IFC’s support was instrumental in securing financing for the project.
“We are honored to receive this recognition from Euromoney that highlights our project’s pioneering role and the considerable impact it will have on Pakistan’s economy,” said Zorlu Energy General Manager Sinan Ak.
The 56.4 megawatt Zorlu Pakistan wind project will help alleviate Pakistan’s severe power deficit by developing an indigenous, renewable resource for power generation. It will also contribute to reducing the country’s reliance on imported fuel for power generation.
A jubilant Morgan Landy, Global Head, Power and Renewables, said, “We are gratified to see clients and projects that IFC has supported for years receiving industry recognition, as our backing was instrumental in distinguishing them amid a tight field of contestants.”