February 2, 2021 (MLN): Tenaga Generasi Limited (TGL), a subsidiary of Dawood Lawrencepur Limited, has initialed a draft agreement with the Central Power Purchase Agency (Guarantee) Limited with a condition that the initials to the draft agreement should not in any manner be constructed as the agreement being in the final form or binding on TGL or any of its stakeholders.
Moreover, the company has stated that the draft agreement shall be subject to further amendments based on feedback and inputs from TGL’s Sponsors, shareholders and Lenders and shall be finalized in due course.
Accordingly, the terms of the subject draft agreement are subject to the approval of the Board of Directors of TGL, its shareholders and lenders and other necessary approvals leading to execution of the final agreement between TGL and CPPA.
The draft agreement has been made with respect to the Memorandum of Understanding (MoU) signed between the Pakistan Wind Energy Association and the Committee for Negotiations with Independent Power Producers constituted by the Federal Government.
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