Private Sector Power Projects Start Construction Phase
Two more private sector power projects have entered construction phase after achievement of financial closure: Hubco-Narowal Power Project and Liberty Power Tech Project, of 220 and 200 MW capacity respectively. The Managing Director of PPIB announced this during the signing ceremony, which was also attended by other senior officials from PPIB and the Project Companies.
The Sponsor of Hubco-Narowal project located at Narowal is the Hub Power Company Limited, while the lenders of project include Habib Bank Limited (HBL), National Bank Limited (NBP), Allied Bank Limited (ABL) and Bank Al-Falah.
The Sponsors of Liberty Power Tech Project located near Faisalabad are Liberty Mills Limited and Mukaty Family, while lenders of project are Allied Bank Limited (ABL), Habib Bank Limited (HBL), National Bank Limited (NBP), Faysal Bank Limited (FBL), Meezan Bank Ltd and Bank Al-Falah Ltd.
The estimated investment in Hubco-Narowal project is approximately US $274 million while Liberty Power Tech Project is US $240 million and they are targeted to be commissioned by March 2010 and December 2010, respectively. With the initiation of construction work at these two project sites, a total of twelve (12) new IPPs are now under construction and will add a capacity of 2,539 MW by end of 2010. This is a major success in attracting private investment to eliminate the present load shedding as per government commitment to the nation.
Via Business Recorder.
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