Rousch Independent Power Co. Ltd

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The $505 million, 412-MW, Rousch Power plant was developed by the Rousch Independent Power Co Ltd. The original sponsors of the project included local private investors (66.3%), Siemens Power Ventures (26.4%) and Electricity Supply Board of Ireland (ESBI) (7.3%). The plant was to use residual fuel oil. Siemens was the primary contractor and equipment supplier. The project has a 30-year power purchase agreement with the Water and Power Development Authority of Pakistan (WAPDA). The project was financed with US$378 million in debt, comprising: a US$148.3 million commercial loan led by ANZ London; a US$34.8 million Hermes coverage loan; a US$14.1 million (DM 21.2 million) loan from DEG (Germany); and a US$180.4 million loan administered by National Development Finance Corporation/National Bank of Pakistan on behalf of the Government of Pakistan, which in turn was funded by the World Bank and J-EXIM Bank. Although the project was expected to become operational in mid-1998, commercial operation date was eventually acheived on Dec. 11, 1999. On Nov. 7, 2006, Power Management Company (Pvt.) Ltd. - a wholly owned subsidiary of Altern Energy Limited - purchased a 59.98% stake in the project company, Rousch (Pakistan) Power Limited. As of December 2009, shareholders in the project company were Altern Energy Limited (59.98%), Siemens Project Ventures (26%), ESBI (7.33%), National Bank of Pakistan (4.61%) and others (2.07%).