Qadirpur power plant: Engro Energy signs $154 million financing accord
KARACHI (December 27 2007): Engro Energy (pvt) Limited - a 100 percent owned subsidiary of Engro Chemical Pakistan Limited - has concluded signing of project financing documents with a consortium of foreign institutions for its 217-megawatt capacity power plant being constructed near Qadirpur, District Ghotki, Sindh.

Under the agreement, the lenders will provide 154 million dollars. The project, with a total worth of 205 million dollars, shows Engro's commitment to invest in Pakistan. Engro Energy on its part is determined to help in alleviating the power crisis in Pakistan by making much-needed investments in the power sector.

The project will generate electricity by consuming low quality permeate gas from Qadirpur gas field, which is being flared currently also resulting in reduced carbon emissions.

The plant will be based on highly efficient technology being provided by China National Construction and Engineering Company (CNCEC) resulting in lower cost of power generation. The consortium comprises of leading international foreign financial institutions including IFC, DEG, Proparco, FMO, Swedfund International and Opec Fund for International Development.

This is the first-ever Pakistani private sector power project being funded by Swedfund and Proparco, while the German development finance institution DEC is actively supporting projects in Pakistan as an international finance partner since last two years after resuming its activities in Pakistan.-PR

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