RPPL seeks shareholders' nod for premature termination of contracts

MG News | October 21, 2024 at 01:31 PM GMT+05:00

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October 21, 2024 (MLN): The Directors of Rousch (Pakistan) Power Limited (RPPL) have approved the early termination of certain critical contracts and forwarded the decision to RPPL’s shareholders for consideration and approval at the upcoming Shareholders' Meeting.

The contracts under review, including the Implementation Agreement, Power Purchase Agreement, Fuel Supply Agreement, and associated Guarantee, were originally scheduled to expire in 2032.

Under the terms being contemplated, RPPL will be paid its receivables by the off-taker, CPPA, and its Complex will be handed over to the Government as per the terms of the PPA.

It is worth noting that prior to RPPL, Hub Power Company Limited (PSX: HUBC) and Lalpir Power Limited (PSX: LPL) also agreed to the early termination of these contracts.

RPPL is a subsidiary of Power Management Company (Private) Limited, which in turn is a subsidiary of Altern Energy Limited (PSX: ALTN). ALTN communicated this as material information to the PSX today.

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