Nishat Power Project

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Nishat Power Limited (NPL) was established as an unlisted public limited company in order to build, own and operate a greenfield, 200 MW heavy fuel oil-fired independent power plant located at Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab Province. Nishat Mills Limited owns and controlls 99.99% shareholding in NPL. In turn, Nishat Mills Limited is a wholly owned subsiriary of Nishat Group. Pakistan's Private Power and Infrastructure Board (PPIB) signed an Implementation Agreement (IA) with NPL on Sep. 15, 2007. NPL was to sell electricity produced by the Nishat Power Project to Pakistan's Water and Power Development Authority (WAPDA) under a 25 year power purchase agreement (PPA) that was secured in the last quarter of 2007. The project held a fuel supply contract with Shell, signed January 2008. The project cost was estimated to be US$204 million and was to be funded according to a 75/25 debt-equity ratio. PPIB reported that NPL reached financial closure in January 2008. It was reported that lenders for Nishat 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. The project company started commercial operations in June 2010. Private Power and Infrastructure Board (PPIB), Nishat Mills Half Yearly Report (H2, 2007), Pakistan Daily Times http://www.ppib.gov.pk/N_nishat.htm NOT THE SAME AS PROJECT 5058!