LEPCL awards debt mandate

KARACHI: Lucky Electric Power Company Limited (LEPCL) has awarded a third debt arrangement mandate to the Bank of Punjab (BOP) to raise an additional Rs5 billion working capital after the bank raised Rs7.9 billion debt financing for the company in two tranches, a statement said on Tuesday.

A ceremony took place at the head office of Lucky Cement, which was attended by top officials from both sides.

According to LEPCL, it is developing a 660MW coal-fired power plant at a project cost of $850 million. The project shall operate on Thar coal after expansion of the coal mine and help bring down the cost of Thar coal through economies of scale, it added. With the project, the company aims to contribute in bringing down the cost of electricity in the country.