Atlas Sheikhupura NGCC Power Project

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On September 18, 2007, Atlas Power Limited (APL) signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 225 MW coal based power plant in the city of Sheikhupura, Punjab province. Atlas Power Limited was owned by Atlas Group [Pakistan, 100%]. This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation. Prior to financial close, APL had entered into formal agreement with PPIB, 25 year power purchase agreement (signed September 2007) with the the Pakistan Water and Power Development Authority (WAPDA) and fuel supply agreement with Attock Petroleum Limited, signed October 2007. According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded to APL was not available from public sources. The total cost of this project was estimated at $150 million. The project reached financial closure in November 2007 with the signing of the financial closure documents between Atlas Power Limited and the Private Power and Infrastructure Board. The power plant was commissioned in December 2009. The project also held a GOP Guarantee signed November 2007.