Saif Sahiwal NGCC Power Project

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On July 13, 2007, SAIF Power Limited signed an implementation agreement with Private Power and Infrastructure Board (PPIB) of the Government of Pakistan to build, own, operate and maintain a 225 MW gas powered plant in the city of Sahiwal, province of Punjab, Pakistan. Saif Power Limited was majority owned by SAIF Group (Pakistan), while Orastar Limited and Habib Bank Limited held minority equity positions in the project company. As of Dec. 31, 2008, the exact percentage shareholding of each company was not publicly available. This power project was to be implemented under the Policy for Power Generation Projects 2002 that clearly laid out the incentives and regulatory regime for private investments in power generation. Prior to financial close, SAIF Power Limited had entered into formal agreement with PPIB, 30 year power purchase agreement with the Pakistan Water and Power Development Authority (WAPDA) signed April 2007. The project consisted of 2GT x 2HRSG x 1ST. The project held a fuel supply contract with SNGPL signed January 2007. According to the 2002 Policy for Power Generation Projects, projects were awarded to the bidder who submitted the lowest tariff. Further information on how this project was awarded to SAIF Power Limited was not available from public sources. The total cost of this project was estimated at US $200 million. The project reached financial closure on Sep. 11, 2007. Financing details were not publically available. The power project was commissioned in April 2010.