Financing details for the 450-MW power plant to be built at Port Qasim by the local WAK Orient Power & Light are due to be finalised by early June, says financial adviser, First Capital Securities Corporation.

The total cost of the project is estimated at $515 million; $400 million is to be raised through international borrowing.

The Maritime Administration, part of the US government’s Transportation Department, is considering an application for guarantees worth $376 million. However, approval may take up to one year. The balance of the funds is to be raised locally. The lead arranger for the local portion is the National Development Finance Corporation. The remaining $115 million is to be provided as equity participation by WAK Orient.

Raytheon Engineers & Constructors and Westinghouse Electric Corporation, both of the US, were awarded the engineering, procurement and construction contract, worth $382 million, in April (MEED 3:5:96).