A signing ceremony was held at Punjab Secretariat for the arrangement of financing of over PKR 12 billion between Punjab Thermal Power Private Limited (PTPL) and Meezan Bank Limited. Meezan Bank is mandated to arrange working capital facility of up to PKR 5 billion and project finance facility of approx. PKR 7 billion while Meezan Bank as a major contributor will arrange the balance in collaboration with existing project financers and the market.
The ceremony was witnessed by senior executives of Meezan Bank, senior officials from PTPL and Government of Punjab including Ajmal Bhatti, Secretary Energy, Ali Randhawa, Secretary Finance, Salman Zakaria, CEO PTPL, Mohsin Ali, CFO PTPL, Hammad Khan, CLO PTPL and other executives.
The said facilities amongst already arranged and in process of being arranged will help PTPL to manage its operations smoothly and swiftly.
PTPL has successfully achieved simple cycle COD while attaining more than targeted efficiency and capacity. The plant being one of the highest in efficiency (equipped with state of art Siemens Gas Turbines and power Island equipment) will be ranked higher in the economic merit order and will provide reliable, clean and cheap electricity millions of households.
The above arrangement further manifests government commitment toward completion of the project of public importance and confidence of the banking sector in the project. The government officials appreciated Meezan Bank support and efforts made by PTPL management and its Board of Directors.