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Business

March 9, 2018

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PPIB signs agreements for 990MW coal-fired projects

ISLAMABAD: Private Power and Infrastructure Board (PPIB) on Thursday signed implementation agreements for two Thar coal-based power generation projects with a total capacity of 990 megawatts.

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“The 660MW Lucky Electric Coal Project will be developed at Port Qasim with an investment of $1,080 million, whereas 330MW Siddiqsons Energy Coal Project, to be built in Thar coal block-II, at a cost $410 million,” a statement issued by the PPIB said.

Shah Jahan Mirza, managing director PPIB signed the documents with Mohammad Asad, project director M/s Lucky Electric Coal Project and Muhammad Abdul Vakil, chief operating officer M/s Siddiqsons Energy Coal Project.

The statement said the power purchase agreements (PPAs) for both the projects were executed on March 7, 2018.

“Both the projects will utilise coal supplied by Sindh Engro Coal Mining Company (SECMC) operating in Thar coalfield block-II,” the statement said. It must be noted the PPIB has already issued letters of support to both projects, which are currently at advanced stages of achieving financial closure.

The Board anticipates that Lucky Electric Coal Project will start generation by March 2021, while Siddiqsons Energy Coal Project by June 2021.

“The latest advancements by both projects are very crucial in achieving future milestones which include financial closing and start of construction activities,” the Board said in the statement.

The addition of 990MW of affordable and reliable electricity will energise the national grid in true sense.

On the other hand it will also prove to be instrumental in saving of millions of dollars of precious foreign exchange annually, generating economic activities as well as employment opportunities for the people of Thar in particular and will also entail improvement of the basic infrastructure in the vicinity of these projects.

After overcoming the crisis of electricity, the government is prioritising and encouraging power generation through indigenous coal- and hydro-based resources, beside renewable resources for achieving energy security.

Exploration of Thar coal has opened a new chapter in the energy history of Pakistan and the PPIB has been quite successful in implementing seven Thar coal based power projects of 5,000 MW, which are at different stages of development.

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