December 12, 2022 (MLN): Tenaga Generasi Limited (TGL), a subsidiary of Dawood Lawrencepur Limited (DLL) has achieved its “Project Completion Date” in respect of its 49.5 MW wind power project at Kutti Kun, Mirpur Sakro, Thatta, the company’s stock filing on the stock exchange showed.
“TGL is permitted to declare dividends to DLL in accordance with and subject to the terms of the respective contracts entered into between DLL, TGL, and TGL's lenders, including the Sponsor Support Agreement (SSA) on March 11, 2015, entered into between, inter alia, TGL as the company and DLL as the sponsor, as amended, restated, supplemented, novated or otherwise modified from time to time”, the notification read.
The condition of payment obligations of DLL (as the sponsor of TGL) under the SSA of an amount up to the lesser of the amount of such deficiency is required by DLL to be paid to TGL.
"Or the available contingency commitment amount, in any case, such amount including any amount which DLL has already paid to TGL as the contingency commitment shall not exceed $13 million", it added.
If TGL fails to meet its respective payment obligations, as and when they fall due, under the respective transaction documents in relation to the project shall be released after July 31, 2023.
Moreover, the restriction on the DLL to maintain at least 51% shareholding in TGL shall be released after July 31, 2023.
Accordingly, DLL shall maintain at least 26% shareholding in TGL till such time as required as per the terms of the respective transaction documents in relation to the project.
