Eight power projects achieved financial closure

Islamabad: Eight power projects with a total capacity of 1,667 MW have achieved financial closure expected to be commissioned by the year 2010. According to official sources, these projects have achieved financial closure under the 2002 Power Policy.

They said out of these projects two new power projects have achieved financial closures by Mansha Group, namely Nishat Power Project and Nishat Chunian Power Project, of 200 MW capacity each. Earlier, the company signed Implementation Agreements and Power Purchase Agreements of both these projects in last quarter of 2007. The projects are being set up at District Kasur near Lahore.

The sponsors of Nishat Power Project are Nishat Mills Limited, and those of Nishat Chunian Power Project are Nishat Chunian Limited, both owned by Mian Mohammad Mansha.

The lenders of both projects are the consortium of commercial banks including Habib Bank Limited (HBL), Allied Bank Limited (ABL), United Bank Limited (UBL), Standard Charted Bank (Pakistan) Limited (SCB) and Faysal Bank Limited (FBL) being Financial Advisor and Lead Arrangers. The estimated cost of both the projects is US $204 million each and are targeted to be commissioned by June 2009 and December 2010, respectively.