Liberty Power Tech Faisalabad Project

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In March 2009, the greenfield, 200 MW Liberty Power Tech Project, which was being developed by Liberty Power Tech Limited in combined cycle configuration in Faisalabad, reached financial closure. The project was developed on a build, own and operate (BOO) basis. Liberty Power Tech Limited, the project company, was owned by the Mukaty Family and Liberty Mills Limited [Pakistan]. The Liberty Power Tech Project was procured by the Private Power and Infrastructure Board (PPIB), although information on the method of contract award was not publicly available. On April 10, 2008, Pakistan's National Electric Power Regulatory Authority (NEPRA) approved a generation tariff, valid until December 2035, for the project. On June 16, 2008, an implementation agreement (IA) was signed. Liberty Power Tech also signed a 25 year power purchase agreement (PPA) with the National Transmission and Despatch Company (NTDC), signed July 2008. The plant consisted of 11 DG (Wartsila W18V46) + 11 WHEGB* +1 ST. The fuel was supplied by Shell Pakistan, signed December 2008. The project was commissioned in January 2011. According to PPIB, the project reached financial close in March 2009. The total project cost was US$240 million. Project debt was provided by Allied Bank Limited (ABL), Habib Bank Limited (HBL), National Bank Limited (NBP), Faysal Bank Limited (FBL), Meezan Bank Ltd and Bank Al-Falah. The amount and structure of the debt facility were not made publicly available at the time of financial closure. The plant was due to be commissioned in December 2010. http://www.ppib.gov.pk/N_lpt.htm