MIRPUR (AJK): State-controlled National Transmission and Despatch Company Ltd (NTDC) on Tuesday secured Rs 6400 million Financing Facility from Consortium of Banks including Habib Bank Limited, National Bank of Pakistan and Bank Islami Pakistan Limited.
“The financing facility will be utilized for the construction of 220/132 kV substation and 35 km long allied Transmission Lines to evacuate 1224 MW clean renewable energy generated by wind power plants located at Jhimpir Wind Corridor”, chief NTDC media wing, Col (Retd) Rana Sajaad told reporter.
In this regard Managing Director NTDC Engr. Muhammad Ayub singed the contract of financing facility with Asad Altaf GM Corporate Banking Head (Central) HBL, Zia-ud-Din Tahir Unit Head NBP (Corporate) and Amir Ashraf Head Corporate (Central) BankIslami during a signing ceremony hosted at WAPDA House, he said.
Managing Director NTDC said on this occasion for the first time NTDC has explored the option of raising a financial facility at its own resources (balance sheet) without GoP guarantee.
Whereas, previously, it had relied on government of Pakistan guaranteed loans from the local market. This financing facility would be a precursor for more funding for upcoming NTDC projects.
He further said PC-1 cost of the Jhimpir-II project is Rs 10.753 billion and the funding required was Rs 6.40 billion. The project will have sufficient capacity to transmit more power in future.
To meet the future developments in Gharo-Jhimpir wind corridor, the 220 kV grid station will be upgraded to 500 kV capacity in coming years.
Deputy Managing Director NTDC Safdar Ali, Chief Financial Officer NTDC Wasim Saadat and other senior officials from NTDC and Banks were also present on the occasion.