Rousch Power shareholders approve early termination of power contracts
MG News | November 13, 2024 at 03:12 PM GMT+05:00
November 13, 2024 (MLN): The shareholders of Rousch (Pakistan) Power Limited approved a proposal for the early termination of the Power Purchase Agreement (PPA) in their meeting today.
Altern Energy Limited (PSX: ALTN), the parent company of Rousch, informed market participants of this decision through a notice issued to the PSX today.
The PPA was signed with the Central Power Purchasing Agency (Guarantee) Limited (CPPA), along with an Implementation Agreement (IA) with the President of the Islamic Republic of Pakistan on behalf of the Government of Pakistan, and a Guarantee issued by the Government of Pakistan.
The shareholders have authorized the management to execute a Negotiated Settlement Agreement related to this termination.
The major terms of the Negotiated Settlement Agreement include the termination of the Agreements, originally set to expire in 2032, effective October 1, 2024.
Additionally, receivables agreed upon between the parties as of September 30, 2024, will be paid by CPPA by December 31, 2024.
RPPL shall hand over the Complex to the Government by December 31, 2024.
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