Gul Ahmed Wind Limited Gul Ahmed Wind Power Limited (GAWPL or the Company) is a special purpose vehicle set up to develop a 50MW wind power generation plant located in the Jhimpir Wind Corridor, Thatta District of Sindh province in Pakistan. The project involves engineering, design, procurement, construction, turbine erection, grid tie-in, commissioning and operation & maintenance of the 50MW wind power generation facility (the Project).  The Project will be an independent power producer and will sell electricity to the National Transmission and Dispatch Company Limited (NTDC) under a 20-year Energy Purchase Agreement (EPA). NTDCs payment obligations under the EPA will be guaranteed by the Government of Pakistan.  The Project is expected to generate an annual average of 154GWh of electricity (on a P50 basis as per independent engineers estimates). 1.	Add energy generation capacity on the short term when Pakistan is facing severe power shortfalls: The Project is expected to generate 154GWh of energy (P50 case) providing additional power supply to approximately 186,000 customers annually and help address the significant supply deficit which generates regular blackouts in Pakistan. In addition, the Project is undertaken under the Upfront Tariff that has been determined in April 2014 and under which 580 MW of wind power projects have to achieve financial close by March 2015. IFC''s investment in the Project supports a newly issued tariff with the aim of bringing into operation 580 MW by the end of 2016.  2.	Support the development of Pakistan''s renewable energy sector: The Project will promote the use of renewable energy sources for power generation in Pakistan. As of today, wind power represents less than 1% of total generation capacity. 3.	Contribute to the diversification of Pakistan existing generation mix: Pakistan current energy mix is highly skewed towards thermal and fossil fuel based power generation sources (65% of the thermal sources consist of furnace oil and natural gas). The rapid depletion of indigenous gas resources and stalled development of large scale hydro or coal based generation capacity, have contributed to increase reliance on highly expensive imported oil which represents 37% of Pakistan generation mix as of today. The Project is not among the lowest sources of energy but as long as supply will lag behind demand, wind tariff will always be more competitive than highly expensive fuel oil based generation; ii) over the long run, as debt is being repaid, the tariff is one of the lowest cost generation sources of power in Pakistan; iii) from a portfolio perspective, wind power ensures long term stability of prices (no volatility related to fuel) and energy security of the country (no exposure to foreign exchange), both positive externalities that are not captured in the wind tariff but contribute to the top energy priorities set by the government of Pakistan. 4.	Contribute to reducing greenhouse gas emissions: The project is expected to generate carbon emission reduction (CERs) through the clean development mechanism of the Kyoto protocol: 68,065 (tCo2) per year is the expected GHG reduction.  5.	Support a local investor in the power sector: The Project emphasizes a strategic partnership and helps develop local expertise to aid future development of renewable energy in Pakistan. This is the second renewable project developed by the sponsors. 6.	Strong Impact on Private Sector Development and Economic Growth: Increasing access to power supply in Pakistan is critical to economic growth (estimated production losses of around 2-3% of GDP) by enabling power supply to the industrial sector and alleviating the pressure on government for subsidies and tariffs, which has been a driver for local currency depreciation.