KARACHI  - Bank Alfalah management has decided to invest in power sector through purchase of 30 percent shares worth $10 million of Sapphire Wind Project comprising 104 million each costing Rs 10 share.

The management has taken this decision after approval of special resolution in an extraordinary meeting held here recently.

Accordingly, the bank’s top brass including CEO and President Atif Bajwa, Head of Merchant Banking Imran Zafar and Deputy General Manager of Merchant Banking Mehmood Yar Hiraj has been authorised to negotiate with the management of Sapphire Wind Power project.

They will deal and seal the agreement with power producing companies on the behalf of the Bank Alfalah Limited.

Sapphire Textile Mills Limited and Bank Alfalah Ltd sponsored the project. The OPIC is also extending financial assistance.

Overseas Private Investment Corporation (OPIC) is financing 100 percent of the debt of the project, while Bank Alfalah plans to hold 30 percent equity in it.

The OPIC of the United States and Sapphire Wind Power Company signed an agreement for setting up a 50 megawatts green field wind power project in Jhimpir, Sindh

The Sapphire Wind Power Project will enable Pakistan to take advantage of its massive renewable energy potential to help fulfil unmet demand for electricity,” OPIC President and CEO Elizabeth L. Littlefield said in Washington.

The 50-megawatt wind power plant will use 33 General Electric (GE) turbines and is designed to generate 133 gigawatt hours of emission-free electricity annually.

The shareholder meeting further decided that the bank management will issue 40.474 million shares, Rs 10 each, as under Employees Stock Option Scheme without issuance of right shares.

The meeting also decided to give raise in the salaries to Chairman of the bank’s committee by 25 percent which has been approved already by the shareholders.