Kohinoor Energy Ltd.

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The 120-MW (8x15-MW), $138.6 million, Kohinoor Power Plant was developed by the Kohinoor Power Company Ltd, a consortium of Saigol Family and Associates, Tomen, the International Finance Corp., local investors through a public issue and Wartsila Diesel. Tomen was the primary contractor. Tomen subcontracted Toshiba Engineering & Construction to manage project implementation and Asea Brown Boveri (ABB) to supply switchgear equipment. Wartsila Diesel was to operate and maintain the plant for at least four years upon completion and is also an equipment supplier. A 22-year fuel supply agreement was reached with the Pakistan State Oil Company (PSOC). A 22-year power purchase agreement was signed with the Water and Power Development Authority of Pakistan (WAPDA). Financial closure was reached on January 12, 1995. The project has a 70:30 debt to equity ratio. In addition to being a sponsor and providing $6.3 million for equity, the IFC is providing a $25 million direct (A) loan and a $36.6 million syndicated (B) loan. The IFC approved these transactions in its fiscal year 1995. An additional $35.0 was sourced through loans from commercial banks. The Finnish Guarantee Board was expected to provide a guarantee 85% of commercial debt. The reference tariff is calculated at 60% capacity utilization and includes a charge for foreign exchange risk insurance provided by the Government of Pakistan. As of June 30, 2008, the major shareholders in Kohinoor Energy Ltd. were Toyota Tsusho Corp. (36%), Saigol Family and Associates (26%) and International Finance Corp. (15%).