Nishat Energy Limited
“During the financial year 2014, Punjab Power Development Board (PPDB) advertised for pre-qualification of sponsors for the development of Coal Power Projects having cumulative generation capacity of approximately 6,000 MW at six different raw sites in Punjab Province. The Company participated in the pre-qualification process, as a member of a Consortium with the name of “Nishat Group Companies & Associates”, alongwith other members, comprising of Nishat Mills Limited, Lalpir Power Limited and Pakgen Power Limited. The Consortium successfully pre-qualified and got the letter of interest (LOI) for a 660 MW Coal Power Project.”
For this purpose a Special Purpose Vehicle (SPV), has been incorporated namely Nishat Energy Limited (“Nishat Energy”), to set up a coal power project under the Power Policy 2002 and Punjab Power Generation Policy 2006 (revised in 2009) as an Independent Power Producer (IPP). As per requirement for pre-qualification and aforementioned Power Policies, the Company would hold at least 20% equity in Nishat Energy for six years from Commercial Operations Date (COD). The Consortium would hold at least 51% equity in Nishat Energy for six year from COD.
The members of the Company in an Extra Ordinary General Meeting held on August 22, 2014 have authorized the Company to make long term equity investment up to PKR. 4,875 million by way of acquisition, from time to time, of 487,575,000 ordinary shares in Nishat Energy at face value of Rs.10/- each.”