In a release to the exchange, the Dawood Lawrencepur Limited (DLL) announced that the Board of Directors at the company in a meeting held on 20th of March, 2018 approved renewal of Subordinated Loan Facility of up to PKR 300 million provided by the company to its subsidiary, Tenaga Generasi.
The investment is to last for up to three years subject to shareholders’ approval in the Annual General Meeting that is scheduled to be held on 25th April, 2018.
Tenaga Generasi Limited (TGL) is a Malaysian company, incorporated in Pakistan to set up a 50MW Wind Power Plant. The company was allocated 1,200 acres of inter-tidal land for setting up plant in KhutiKun area, District Gharo, Sindh.
NEPRA issued a Generation License to TGL with an initial validity of 20 years. Subsequently, in January 2008, the company decided to exit Pakistan and TGL was acquired by Dawood Lawrencepur Limited (DLL). TGL is now a subsidiary of Dawood Lawrencepur Limited (DLL).
Following the purchase, Alternate Energy Development Board (AEDB) in April 2008 increased the land allocation to 4881 acres. This land was ample for setting up a 100MW wind farm. The current development plan envisages the setting up of a 50MW wind farm in the first phase, which would then be increased to 100MW.
The notice can be accessed here.