Fauji Kabirwala Power Company Ltd.

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The 151-MW, $174.3 million, Kabirwala Power Plant is being developed by the Fauji Foundation (45%); El Paso Corporation (42%); and the Asian Development Bank (13%). The company has signed a 30-year power purchase agreement with the Water and Power Development Authority of Pakistan (WAPDA) and a fuel supply agreement with the Pakistan State Oil Corporation. (PSOC). The parties reached financial closure on September 13, 1996. Tariffs have been set at $0.065/Kwh. The project is currently under construction and is expected to become operational by November 1998. In its fiscal year 1997, MIGA issued a guarantee of $16.1 million to El Paso Energy International Company (now El Paso Corporation) to cover the risks of transfer restriction, expropriation, and war and civil disturbance. On July 5, 2006, El Paso Corporation sold its entire 42% share in Fauji Kabirwala Power Co. to Globeleq, the wholly-owned power development subsidiary of the UK-based private equity firm, CDC Group plc. On Nov. 21, 2007, Globeleq sold its 42% share in the power plant to Pendekar Energy Limtited, a consortium in which Malaysian-based Tanjong had a 55% holding and Al Jomaih Holding Co. of Saudi Arabia had a 45% share.