The News RenuEn Corporation of the United States, a rapidly expanding renewable energy roll up company focused on solar, wind and geothermal energy solutions has secured 50 MW solar project in Pakistan through its pending acquisition of Team Energy Inc.

The project will be managed by a foreign operating subsidiary which is also joining RenuEn upon closing of the acquisition. The power purchase agreement is guaranteed by the government of Pakistan and is for 25 years. For their management in the project, the company will realize income throughout the duration of the power purchase agreement.

The projected installed cost is USD 200 million and the company will be choosing its construction partner soon. The government of Pakistan would be the power purchaser. The project meets all the criteria for MIGA investment guaranty coverage. MIGA is a division of the World Bank.

Mr James Scott CEO of RenuEn said that “Team Energy has extensive international experience in developing power projects and this 50MW solar farm is just one of many they have secured. This 50 MW solar project is a prime example of why the acquisition of Team Energy is so significant for our company. Their reputation as a leader in large scale power development projects is outstanding and we are proud to be joining forces with a company of their caliber.”

Mr Don Wood CEO of Team Energy said that “Although our primary focus is on domestic landfill compressed natural gas, Team Energy has many other opportunities to bring selective projects like this to the company. We are very excited to secure such a large and prestigious project like this and we look forward to continuing to bring these types of specialized projects to RenuEn.”

Source - The News.com

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