December 21, 2018 (MLN): Fauji Fertilizer Company Limited (FFCL), along with other equity partners including Hub Power Company Limited (Hubco), has signed financing documents for its 330MW Thar Energy Limited (TEL) power project during a Joint Coordination Committee meeting held in Beijing, a notification issued by the company informed on Friday.
China Development Bank has been engaged as the lead arranger for the foreign financing from China and Habib bank Limited as the lead arranger for the local financing.
TEL has been established to setup 330MW mine-mouth lignite-fired power plant, one of the first power project to utilize indigenous lignite coal from Thar Coal Block II, located in the Thar Region for power generation. FFCL has a 30% equity stake in TEL, with 60% and 10% owned by Hub Power Company (Hubco) and CMEC TEL Power Investments (CTPIL) respectively.
The Engineering Procurement Construction contract for the project has been signed with China Machinery and Engineering Corporation (CMEC) which has started preliminary activities on site to expedite project construction and achieve the Commercial Operation Date (COD) during the first half of 2021
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