ORIENT POWER COMPANY (PRIVATE) LIMITED
INTRODUCTION
Orient Power Company (Private) Limited ("OPCOL") was incorporated in June 2003 under the provisions of the Companies Ordinance 1984. The primary objective of OPCOL is the construction, operation and maintenance of a 400 MW project, in two phases of approximately 200 MW each, of combined cycle power plant at Balloki, District Kasur, Punjab, Pakistan. This is the first Independent Power Project ("IPP") approved by the Government of Pakistan ("GOP") under the 2002 Power Policy.
BACKGROUND AND GOP APPROVALS
The initial sponsor submitted a proposal to the GOP in August 2003 to build a 400 MW project, in two phases of 200 MW each, near Balloki. The Letter of Interest ("LOI") was formally issued by the GOP on February 12, 2004. OPCOL appointed Fichtner GmbH of Germany as the expert firm for completion of the Feasibility Study with Pakistan Engineering Services providing local support for the work. The tariff approved in July 2005 by NEPRA is for the life of the project and will be trued up on Commercial Operations Date ("COD"). OPCOL received Power Generation License from NEPRA in July 2005 after which GOP issued a Letter of Support ("LOS") and finalized the concession contracts. The Company achieved its Financial Close in December 2006.
PROJECT UPDATE
The project is through its construction and mechnical phases and is now in commissioning phase. The plant is expected to start its commercial operations in December 2009.