Web Desk
The Punjab Thermal Power Plant with a generation capacity of 1,263 Megawatts has achieved financial close.
The Power Plant located near Trimmu Barrage on the confluence of two rivers- Jhelum and Chenab , in district Jhang is based on re-gasified liquefied natural gas (RLNG) and is so far the largest RLNG based power generation project under Power Generation Policy 2015.
The Financial Closing ceremony held in the capital Islamabad was also attended by Minister for Energy,. Hammad Azhar and Punjab Energy Minister, Dr. Akhtar Malik. Financial Closing documents were signed by Shah Jahan Mirza, Managing Director PPIB and. Akhtar Hussain Mayo, Chief Executive Officer of PTPL while Chairman PPIB/Secretary Power Division,. Ali Raza Bhutta and other senior officials of Power Division, PPIB and the project company witnessed the proceedings.
The project is being developed in IPP mode through Punjab Thermal Power (Pvt.) Ltd. (PTPL), a private limited company owned by the Government of Punjab through Energy Department.
This is the second RLNG based power project developed by Government of Punjab through its own resources, the first being the Bhikki Power Plant, which has already entered full-fledged combined cycle commercial operations and has generated over 9.3 billion units during last year.
PTPL project is being financed through 75 percent commercial debt arranged from local banks including National Bank of Pakistan, Bank of Punjab, United Bank Limited and Habib Bank Limited while the total cost involved in development of this project is USD 708 million.
Utilizing state of the art technology, the plant has the design efficiency of 61.16% which is rated amongst highest efficiencies in the world, which would result in fuel-saving of billions of rupees to the national exchequer during 30 years project life period while reducing overall tariff.
The plant has reached at advanced stage with over 80% construction works completed. Efforts are being made to bring this project of national importance online by October 2021 on open cycle mode and on combined cycle mode by June 2022. Upon commissioning of the Project, it will also help in stabilizing and balancing the transmission system to improve uninterrupted supply to Faisalabad and adjacent areas. The Project will generate more than 3000 employment opportunities during construction phase while 2000 during its operations.
