PAKISTAN: Saba power reaches financial close

10 May 1996

Saba Power Company has completed the financing package for its 125-MW power project. The total cost of the project is about $131 million. Saba Power was formed to develop the project by Cogen Technologies Energy Group of the US, Capco Resources of Canada and the local Powerflow International.

Term debt is being provided by the US' Export-Import Bank (Eximbank) for up to $81 million. A commercial debt tranche of about $20 million is also to be provided.

Cogen says that the loan will not be syndicated and is being provided by a Japanese trading company.

The turnkey construction contract was awarded to Babcock & Wilcox Canada (BWC) in 1995. BWC is also to provide the boiler and associated equipment. Toshiba Corporation of Japan will provide the steam turbine generator. Other subcontracts are due to be awarded before the end of June. The power station will be oil-fired, with fuel provided by Pakistan State Oil. Power will be purchased by the Water & Power Development Authority. Construction is scheduled to start in June and be completed by mid-1998 (MEED 1:3:96).

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