KARACHI: The Naveena Group has announced that it has achieved financial close for its 50 MW wind power project being setup in Jhimpir with a cost of $63.9 million.

The project will provide the cheapest electricity to the consumers at a price of US cents 4.7154/kwh from a platform of clean and green energy. The project is scheduled to come on line by the end of 2021.

Naveena Group is rapidly expanding and is dedicated to the business of progress and sustainability. Having begun its journey in 1971, the group’s global footprint extends across denim, spinning, property development, steel and power.

The Naveena Group has also entered into Steel production and established a 300,000 TPA (tonnes per annum) steel melting and re-rolling mill at Port Qasim, Karachi, to produce steel rebars, under the name Naveena Steel Mills (Private) Limited. The company aims to begin production by the first quarter of 2020.

Naveena Steels had engaged top of the line European suppliers of machinery and is introducing state of the art metallurgical processes for the first time in Pakistan, enabling the company to produce better quality steel rebars with improved yield giving it a competitive edge over existing setups.