KARACHI, April 24: The Halmore Power Generation Company has mandated the HSBC Bank Plc, Czech Export Bank and Askari Commercial Bank Limited to arrange a comprehensive debt financing package for a power plant.

The proposed 225-mw combined cycle power plant to be set up near the town of Bhikki, Sheikhupura.

The Halmore Power is owned by a London-based Pakistani businessman and real estate developer Dr Mian M. Sharif.

Enerpro (Private) Limited, a specialised Consulting Company for Energy Projects had been engaged for developing the project. HPGCL has recently signed an engineering, procurement and construction contract for the project with Kodaexport Company Ltd of the Czech Republic, says a press release of HSBC Holdings.

The major portion of the $150 million project debt was expected to be supported by the Export Guarantee and Insurance Corporation, the official export credit agency of the Czech Republic. The remaining debt requirement will be provided by a syndicated term loan facility denominated in local currency.

This project will be the first under the 2002 power policy to be financed with ECA supported foreign debt and the successful conclusion of the financing will define the level of future interest in the sector from the international project finance community.