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Lahore, April 06, 2015 (PPI-OT): Tenaga Generasi Ltd. – a wholly-owned subsidiary of Dawood Lawrencepur Ltd., achieved the Financial Close of its 49.5 MW Wind Power Project recently. In a ceremony held in the office of Alternative Energy Development Board (AEDB) in Islamabad, the Chief Executive Officer of Tenaga Generasi Ltd. – Mr. Inam ur Rahman and Chief Executive Officer of AEDB – Mr. Asjad Imtiaz Ali signed the Financial Close documents.
The project is located in Khutti Kun, Mirpur Sakro, District Thatta in Sindh and will add a minimum of 135 GWH of electricity each year into the national grid. The total project investment of USD 119 million is financed through local and foreign lenders that include: International Finance Corporation (IFC), Overseas Private Investment Corporation (OPIC), HBL and Soneri Bank Limited. The project is expected to commence its commercial operations in September 2016.
Mr. Inam ur Rahman appreciated the efforts of AEDB, which have facilitated TGL in achieving this financial close, thus playing a vital role in materializing this target. He lauded the dedicated and sincere efforts from GoP institutions (such as National Electric Power Regulatory Authority – NEPRA and National Transmission and Despatch Company Ltd. – NTDC), which will encourage lots of private investors to follow and the country would get cheaper, clean energy to overcome the power crisis in Pakistan. He further said that the company has already arranged all required funds to start work on this project.
The project will consist of 31 Wind Turbines from General Electric. The Project Company has entered into an EPC Contract with China Machinery Engineering Corporation for the offshore scope (supply of imported equipment), and China East Resource Import and Export Corporation, for the onshore scope (in-country works of the project).
For more information, contact:
Dawood Hercules Corporation Limited
Dawood Centre, M.T. Khan Road, Karachi
Tel: +92-21-35686001
Fax: +92-21-35693416
Email: info@dawoodhercules.com