AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Lucky Electric Power Company Limited (LEPCL) has received an initial rating for its PKR 6 billion debt instrument, the PPSTS-22, as announced by The Pakistan Credit Rating Agency Limited. The company has set up a 660MW coal-fired power plant that began operations in March 2022 and is now supplying electricity to the national grid.
LEPCL has secured coal supplies through a signed agreement with Sindh Engro Coal Mining Company, which will begin delivering from its Block-II (Phase III) site in June 2026, a delay from the previously anticipated December 2025. Until then, the plant will operate using imported coal as per agreements with international suppliers.
The company reported a revenue of approximately PKR 53.4 billion and a net profit of PKR 15.7 billion for the first nine months of the fiscal year 2025. The operational management of the plant has been taken over by Harbin Electric International Co., Ltd. from China since March 2023. The focus remains on maintaining the plant’s operational status.
LEPCL’s total borrowings have reached PKR 131.9 billion, of which PKR 25.4 billion are short-term. The short-term debt has been reduced to PKR 6 billion in March 2025 from PKR 25 billion in June 2024. The PPSTS-22 has been issued as a replacement for the matured PPSTS-21.
Despite financial challenges, including a significant devaluation of the Pakistani rupee, supply chain constraints, and tariff adjustments, LEPCL is working to manage increased working capital needs. The backing from its sponsor, Lucky Cement, is seen as a stabilizing factor. The company’s offtake agreement with Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) ensures capacity payments even without purchase orders, backed by a government guarantee.