ISLAMABAD: National Electric Power and Regulatory Authority (NEPRA) has rejected the application of Nishat Energy Limited (NEL) for the grant of generation licence for its proposed 660 MW imported coal based generation facility/thermal power plant in Rahim Yar Khan, read a bourse notification.
It is pertinent to mention that this power project was listed under the China-Pakistan Economic Corridor (CPEC) and financing was to be provided by Chinese banks. The construction of this power plant was scheduled to take 48 months, and commissioning was expected to take place by end of 2020.
The sponsors had considered obtaining 100 percent of project debt from Chinese banks with assistance from a reputable Chinese equity partner as an overseas investment loan or an ECA tied financing package.
NEL was supposed to act as a special purpose vehicle for the development of this 660MW coal-fired power plant in Rahim Yar Khan.
