One source close to the sale process tells MEED the shortlisted bidders are all conducting due diligence on the plants, having already completed site visits.

AES is selling two plants in Pakistan, one in Jordan and one in Oman. The source says it is increasingly likely that AES Corporation will sell off the plants separately, rather than as a port-folio of all four plants.

According to potential buyers who met with AES in March, it is keen to offload AES Oasis, the holding company for the plants, in a single deal, rather than sell the assets individually.

However, bankers close to the deal are concerned that some potential purchasers may not want to take on the risk of investing in Pakistan because of security concerns.

In mid July, after initial discussions with about 20 firms, AES shortlisted nine firms to bid.

These include Dubai’s Abraaj Capital, Abu Dhabi National Energy Company, Abu Dhabi Investment Corporation, the UK’s International Power, Pakistan’s Nishat Chunian Power, Oman Oil and Saudi Arabia’s Acwa Power (MEED 17:07:09).

One company preparing to bid for some of the assets tells MEED the power plants could fetch $1.5bn in total.

The UK’s HSBC and the US’ Citi-group are acting as advisers on the process.