PRIVATE POWER & INFRASTRUCTURE BOARD

 

GOVERNMENT OF PAKISTAN

MINISTRY OF WATER & POWER

   
  NEWS/EVENTS

 

FIRST COAL BASED PRIVATE POWER PROJECT

ACHIEVES FINANCIAL CLOSURE

 

22-December-2015

ISLAMABAD, 22nd December 2015: Financial closure of first coal fired power generation plant in the country has been achieved by Port Qasim Electric Power Company Private Limited for establishing a 1320 MW project at Port Qasim, Karachi. Earlier, the company signed Implementation Agreement (IA) and Power Purchase Agreement (PPA) on 18th April, 2015. The project is being implemented as "Prioritized Project" under China Pakistan Economic Corridor (CPEC), which is a game changer initiative taken by the Prime Minister Muhammad Nawaz Sharif for development of mega energy and infrastructure projects in the country.

  

The signing ceremony of financial closure was held here at Private Power Infrastructure Board (PPIB) office Islamabad. The ceremony was attended by Mr. Shah Jahan Mirza, Managing Director, PPIB and Mr. Cai Bin, Chief Executive of the Company alongwith other senior officers. The sponsors of the Project are Sinohydro Resources Limited, China and Al-Mirqab Capital Qatar, while lender to the project is China Eximbank. The project is being developed at a cost of US$ 1.9 billion and targeted to start production by end of 2017.

  

            The Financial Closing of first coal fired IPP is a matter of honor for the present Government, Ministry of Water & Power and  PPIB similar to completing Pakistan's first hydro IPP couple of years ago. The Project is an evidence of another step of the government of Pakistan's sincere interest of utilizing coal for power generation to provide affordable and reliable power generation for elimination of load shedding in the country.

 
 
 

 

 
 
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