KARACHI: PPP Chairman Bilawal Bhutto Zardari on Wednesday inaugurated 100MW first-ever public- private partnership power plant of Pakistan in Nooriabad, some 85 km from the port city.
The estimated cost of the project is $130 million. The project is funded through 80 percent debt and 20 percent equity. The debt is being provided by National Bank of Pakistan, Sindh Bank and Sindh Government Employees Pension Fund.
Sindh Chief Minister Murad Ali Shah, while witnessing the inauguration ceremony congratulated people of Sindh terming this a big success.
He said the government has taken several initiatives to eliminate load shedding in Sindh in particular and Pakistan in general. Besides, major investment in the development of Thar Coalfield Block II, Sindh government has provided major support to develop 100 MW Gas Fired Power Plants at Nooriabad, on Public-Private-Partnership (PPP) basis, the private sector partner being Technomen Kinetics (Pvt) Limited, a well known EPC contractor for sizeable industrial projects.
The chief minister said that 95 Km special purpose transmission line has also been funded by Sindh government through Sindh Transmission & Dispatch Company (STDC) Limited at a cost of Rs 2 billion. The initiative is to eliminate load shedding in Karachi for improving the industries, employment and wellbeing of the citizens of the Karachi, he added.
Syed Murad Ali Shah said the gas is being allocated for power projects through a decision by the Economic Coordination Committee (ECC) of the Federal Cabinet. “The quantity of gas is 20 mmscfd of pipeline quality capable of producing 100 MW. 50 acres of land has already been acquired by the project companies”, he noted.
Talking about ownership structure of the project, the chief minister said that the project has been established through two Special Purpose Companies (SPC) – viz. Sindh Nooriabad Power Company (Private) Limited (SNPC) and Sindh Nooriabad Power Company Phase II (Private) Limited (SNPC II). Sindh government has assumed 49 percent of the equity and the Technomen Kinetics (Private) Limited has subscribed to 51 percent of the equity, he added.
The chief minister said with the commissioning of 2×50 MW projects, Karachi will be able to reduce load shedding significantly and would provide cheap electricity to the citizens of Karachi.
The chief minister said that it is heartening to note that the company is further allocated with 40 mmcfd of RLNG to establish 225 MW project in Karachi to further reduce the shortfall.