165 megawatts Morgah plant: Attock General achieves financial close

Islamabad: Attock General Limited (AGL) on Tuesday of its 165 MW thermal power plant to be set up at Morgah, near Rawalpindi. Liaquat Ali Jatoi, Minister for Water and Power, witnessed the signing of the financial close documents executed between AGL and the Private Power Infrastructure Board (PPIB) Managing Director.

Jatoi, in his remarks, appreciated the financial close of AGL which, according to him, was the fifth project which had achieved financial close under the 2002 power policy. 'This,' he said, 'shows confidence of the investors in the policies of the government, committed to team up with the private investors for developing the power sector of the country, for a prosperous Pakistan.'

The estimated cost of the project is $148.60 million, wherein 20 percent equity will be invested by the sponsors--Attock Refinery Limited and Attock Oil Company Ltd (UK)--and 80 percent debt will be financed through lenders (Faysal Bank Limited, Allied Bank Limited and Meezan Bank Limited). The power plant is expected to start its commercial operation by August, 2008.