Tapal Energy Limited
MIGA issued a guarantee of $2 million to Wartsila Power Development, Inc. of the United States for its equity investment in the construction and operation of a 126-megawatt power plant in Pakistan. MIGA's guarantee covers the risk of expropriation.
The power plant, Tapal Energy Limited, will be located in Sindh Province, 28 kilometers northwest of Karachi. The local economy will benefit from the purchase of supplies averaging more than $3 million annually. The project will provide on-site medical services and support for schools and community social programs and will develop access roads and water and sanitation facilities. The enterprise will employ more than 100 people, who will receive technical and managerial training locally and in the Netherlands, and will generate $4 million in annual tax revenues.