Power project gets $1.8b

Power project gets $1.8b

KARACHI (AFP): Hubco of Pakistan has successfully arranged
US$1.8 billion in financing for the world's largest private
sector power project, a senior official said yesterday.

The company has raised an additional $200 million to the
project's estimated cost of $1.6 billion.

Hubco chief executive Michael Woodroffe termed it a
"remarkable achievement" and said the "unprecedented success has
improved the image of the project worldwide."

Woodroffe said the additional $200 million would meet any
"eventualities" during construction.

The oil-fired project will start supplying 1,292 megawatts of
electricity to the state-owned Water and Power Development
Authority (WAPDA) from June next year.

A conglomerate of four major equity holders, National Power of
the United Kingdom, Xenel Group of Saudi Arabia, Entergy of the
United States and the Singapore-based Pakistan Power are putting
up 25 percent of the total cost.