October 18, 2022 (MLN): The Bank of Punjab (BoP) led syndicate has raised over Rs 10bn for Thar Energy Limited (TEL) for working capital financing, said a press statement issued by a bank on Tuesday.
In this regard, a financing documents signing ceremony was held at BOP’s corporate office in Karachi to mark the successful closure of the first tranche of the facility.
TEL, sponsored by The Hub Power Company (HUBCO), Fauji Fertilizer Company, and China Machinery Engineering Corporation, is setting up a 330MW Thar Coal-fired power plant to provide affordable energy in Pakistan with a project outlay of $520 million.
The project is part of China Pakistan Economic Corridor (CPEC) and is located at Thar, Sindh. The project shall save substantial foreign exchange reserves by using indigenous Thar coal.
The successful debt arrangement for TEL in a short period of time is a testament to market confidence in TEL and the investment banking capabilities of The Bank of Punjab which acted as Mandated Lead Arranger for this transaction.
Mr. Kamran appreciated the role of BOP, which is fast emerging as one of the most active commercial banks in the market, for supporting TEL in arranging the first tranche of the facility.
Mr. Zafar Masud, President, and CEO of, BOP thanked senior executives of TEL, HUBCO, and syndicate banks for attending the ceremony and expressed his keen desire to deepen the institutional relationship with a leading business group like the Hub Power Company for its projects of national importance.
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