LAHORE: In order to induct 956MW power from wind power projects to the system, the National Transmission and Despatch Company Ltd (NTDC) has secured Rs6400 million loan from a consortium of banks (Habib Bank Limited, National Bank of Pakistan & Bank Islami Pakistan Limited).
The financing facility will be utilized for the construction of 220/132 kV substation and allied Transmission lines to evacuate clean renewable energy from 19 wind power plants located at Jhimpir wind corridor.
The loan signing ceremony was held at Ministry of Energy (Power Division) and was attended by Energy Minister Omar Ayub Khan, Special Assistant to PM Nadeem Babar and Power Division Secretary Irfan Ali. NTDC Managing Director Zafar Abbas and heads of HBL, NBP and Bank Islami signed the Indicative Term Sheet on the occasion.
The NTDC spokesman said that the company, for the first time, has explored the option of raising a loan on its own balance sheet without GoP guarantee.
The NTDC in the past has relied on GoP guaranteed loans from the local market. This loan signing would be a precursor for more funding for upcoming transmission line projects.
The spokesman furthered stated that PC-1 cost of the Jhimpir-II project is Rs10.753 billion and funding required was Rs6.40 billion.
To meet the future development in Gharo-Jhimpir wind corridor, the 220kV grid station will be upgraded to 500 kV capacity in coming years.
