Toronto, Canada – June 6, 2018 – In May 2017, JCM Power launched its Asian platform, partnering with the JS Group through its acquisition of an interest in the 50MW Hawa wind farm located in Jhimpir, Pakistan. The project, which is co-owned by Pakistan’s JS Group, reached commercial operation in March 2018 within budget and on time. In addition to the Hawa wind farm, JCM is also exploring the development of other power projects in Pakistan and the region as part of its Asian platform.
Historically, Pakistan has been a net importer of energy, with oil imports placing a heavy burden on foreign exchange reserves – a problem that is further compounded by volatile oil prices and rising energy consumption. In response to these challenges, the national and provincial governments of Pakistan have made energy generation a high priority, with an emphasis on alternative energy sources such as solar and wind power.
Seizing the opportunity presented by rapid renewable energy and IPP growth in Pakistan, JCM has entered into strategic partnerships with local stakeholders. JCM’s participation in the Hawa Wind Power Project is the company’s initial investment in Asia, while it plans to increase its pipeline to include as much as 300MW of wind and solar projects in Pakistan and to expand its presence through the emerging Asian energy market.
About JS Group
JS Group is a leading Pakistani investment and industrial group, headquartered in Karachi. It also invests internationally, with a focus on emerging markets, through its Dubai and London offices. JS Group’s core financial services business was founded in 1970 and has grown to become one of Pakistan’s leading banking and non-banking financial services groups. JS Power was established in 2013 to invest in clean power generation.
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