Nishat Chunian Power Project

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Nishat Chunian Power Limited (NCPL) was established as an unlisted public company with the purpose to build, own and operate a greenfield, heavy fuel oil-fired 200 MW independent power plant at Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab Province. Pakistan's Private Power and Infrastructure Board (PPIB) signed an Implementation Agreement (IA) with Nishat Chunian Power Limited (NCPL) on Sep. 15, 2007 for the implementation of the Nishat Chunian Power Project. NCPL is 80% owned by Nishat Chunian Limited (NCL). In turn, NCL is wholly owned by Nishat Group. In addition, NCPL has a fuel supply agreement with Shell Pakistan (signed December 2007), and a 25-year 'take-or-pay' power purchase agreement (PPA) with WAPDA (signed November 2007) that is backed by a sovereign guarantee from the Pakistani government. The total investment commitment made by the Nishat Group was US$235 million. PPIB reported that NCPL reached financial closure in January 2008. NCL was to finance Nishat Chunian Power Project partially through equity and partially through debt. The lenders for Nishat Chunian Power Project were a consortium of commercial banks including Habib Bank Limited (HBL), Allied Bank Limited (ABL), United Bank Limited (UBL), Standard Charted Bank (Pakistan) Limited (SCB) and Faysal Bank Limited (FBL) being Financial Advisor and Lead Arranger. As of Dec. 31, 2008, construction was underway and the project was expected to commence commercial operations by March 31, 2010. The project achieved commercial operations in July 2010. Private Power and Infrastructure Board, Nishat Group website: http://www.nctex.com/, Nishat Chunian Power Limited website: http://www.nishat.net/nishat_chunian.htm, Pakistan Daily Times http://www.ppib.gov.pk/N_nishatc.htm NOT THE SAME AS PROJECT 5059!