Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
425 megawatts Nandipur power project: $150 million credit deal signed
03-25-2009, 09:05 AM
Post: #1
425 megawatts Nandipur power project: $150 million credit deal signed
BEIJING (March 25 2009): A foreign banks consortium, comprising BNP Paribas, HSBC Bank plc, the Export-Import Bank of China, has signed a Sinosure buyer credit facility agreement of 150.151 million dollar with Northern Power Generation Company Limited for construction of 425 MW combined cycle power project at Nandipur, Finance Director of the company Ijaz A. Babar told APP.

The CIC France is also a part of consortium through a participation agreement with BNP Paribas, France, he said. Northern Power Generation Company Limited (NPGCL) is the biggest thermal generation company operating under the overall management of the Pakistan Electric Power Company (Pepco).

The agreement was signed with the consortium, comprising worlds top class banks like The Export-Import Bank of China, BNP-Paribas, France, HSBC Bank plc, Paris branch, and CIC France on Thursday, he said. NPGCL is constructing a 425 MW combined cycle power plant at Nandipur, near Gujranwala with the EPC cost of 329 million dollars.

The main EPC contractor is a leading Chinese company, Dongfang Electric Corporation Limited, with sub-contractor G.E. France. The credit facility is covered by China Export and Credit Insurance Corporation. Ijaz Babar said that earlier, a foreign banks consortium, consisting of BNP-Paribas, France, HSBC Bank plc, Paris branch, and CIC France had signed a Euro 68.97 million Coface Buyer Credit Facility Agreement on October 3, last year for the project.

BNP-Paribas, by signing both the credit facilities, has now also fulfilled its commitment as initial mandated lead arranger made for the project with the government of Pakistan, Ijaz said. Appreciating the financial deal, Ijaz said that in spite of the fact that the world was passing through grave economic crisis, these banks had fulfilled their commitment, which exhibited confidence they had on strong fundamentals of Pakistans economy.

Ijaz said that the agreement would help in a long way in improving the financing arrangements for the other projects in the pipeline by Wapda/Pepcos corporatised entities namely 425 MW Chichoki Mallian;

700-800 MW Guddu power project; and 969MW Nelum Jehlum hydropower project with due support from Chinese and European banks. Chief Executive Officer Muhammad Rafiq Butt and Finance Director Ijaz A. Babar signed on behalf of Northern Power Generation Company, whereas Chief Executive Officer Francois Cristofari and head of Export Finance (Middle East/Africa) Gerard Lagouarde, signed on behalf of BNP Paribas (China) Limited.

Amongst other signatories to the agreement was Deputy General Manager of the Export-Import Bank of China Zhu Li and Director of Middle East and South Asia of HSBC Bank plc Simon Lee. First Vice-President Jacques Vincent especially visited to sign the participation agreement with BNP Paribas.

The signing ceremony, held last week, was attended by Deputy head of Pakistan mission Abdul Salik Khan, Minister (Economic) Sardar Aminullah Khan and Commercial Counsellor Naeem Khan.

Abdul Salik Khan, expressing his views, said that financial close of such an important project at this point reflected a confidence of financial institutions on the strong economic indicators and policies of present government of Pakistan, and congratulated all the participants for this success. Signing ceremony was followed by a dinner, hosted by head of Export Finance, BNP Paribas (China) Limited Antoine Gustin.

http://www.brecorder.com/index.php?id=11...=&supDate=

Copyright Associated
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Agreement signed to run Metro Train in Lahore Salman 0 157 04-14-2015 03:08 PM
Last Post: Salman
  PHA & LWMC Signed a Deal for Green Streets Salman 0 133 04-14-2015 03:00 PM
Last Post: Salman
  Turkish Development Agency And CDA Signed An MOU Salman 0 667 03-04-2014 05:56 PM
Last Post: Salman
  Nawaz, Zardari launch Thar Coal power project Salman 0 592 02-01-2014 01:30 PM
Last Post: Salman
  MoU for establishing $2b garments zone signed CMY 0 836 01-16-2014 09:19 AM
Last Post: CMY
  DHA City Karachi: Agreement signed to establish Pakistan’s first smart city Salman 0 4,715 11-29-2013 01:13 PM
Last Post: Salman
  Nandipur power project Update Salman 0 5,136 10-23-2013 05:01 PM
Last Post: Salman
  Punjab sets 1,000 megawatts power generation target in a year Salman 0 4,298 08-22-2013 12:17 PM
Last Post: Salman
  Nandipur power project : Chinese company agrees to resume work on CM’s prodding Salman 0 3,375 07-06-2013 05:19 PM
Last Post: Salman
  Islands deal with American entrepreneurs opposed Salman 0 770 03-13-2013 03:21 PM
Last Post: Salman
  Agreement signed to hand over Gwadar Port to Chinese company Salman 1 5,805 02-20-2013 02:15 AM
Last Post: LRE
  LDA, owner’s under-the-table deal set to fool CMIT Salman 0 534 01-02-2012 12:18 PM
Last Post: Salman
  Agreement signed for making Lahore a beautiful city Lahore_Real_Estate 0 8,311 11-05-2011 04:43 PM
Last Post: Lahore_Real_Estate
  Pakistan in secret deal with IMF to impose RGST Lahore_Real_Estate 0 798 05-20-2011 12:06 PM
Last Post: Lahore_Real_Estate
  TATA & Infosys strike deal Lahore_Real_Estate 0 855 04-18-2011 12:49 PM
Last Post: Lahore_Real_Estate
  World Bank approves USD 400 million for Pak education project Lahore_Real_Estate 0 1,003 03-25-2011 05:19 PM
Last Post: Lahore_Real_Estate
  Dhakka Fall: Instrument of Surrender (Signed by Tiger Niazi) LRE 5 2,558 12-21-2010 08:39 PM
Last Post: LRE
  After BP deal, Jinzhou Port Co. poised to take over Gwader LRE 0 557 12-15-2010 07:51 PM
Last Post: LRE
  India, Pakistan to sign four-nation gas deal Lahore_Real_Estate 0 951 12-10-2010 01:31 PM
Last Post: Lahore_Real_Estate
  SC acts against shady rental plant deal Lahore_Real_Estate 0 1,026 12-08-2010 01:18 PM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)