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.