PAKISTAN: Saba power project nears financial close

01 March 1996

The Saba power project in Punjab is expected to reach financial close within the next few weeks, project sources say. The local Saba Power Company is to construct a 125-MW oil-fired power station on a buildown-operate (BOO) basis at a total cost of around $135 million.

The Export-Import Bank of the US is to provide around $50 million, the Export Development Corporation of Canada has agreed to provide $25 million and ANZ Grindlays are providing term loan finance and local letters of credit worth $25 million.

Around $35 million is to be raised in equity.

The project sponsors are the US' Cogen Technologies, Capco Resources of Canada and the local Powerflow International.

Babcock & Wilcox Canada was awarded the main engineering, procurement and construction contract in 1995. Completion is scheduled for the beginning of 1998.

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