RenuEn to build 50MW solar project in Pakistan

RenuEn has secured a 50MW solar project in Pakistan through its pending acquisition of Team Energy.

A foreign operating subsidiary joining RenuEn when the deal closes will then manage the solar project.
"This 50MW solar project is a prime example of why the acquisition of Team Energy is so significant for our company."

The firm will recover income through the management of the project over the course of the 25-year power purchase agreement guaranteed by the Pakistani Government.

The company is seeking a construction partner for the $200m project, which will be funded by MIGA, a division of the World Bank.

RenuEn had announced that it had signed a letter of intent to acquire Team Energy.