ISLAMABAD, May 17: The Ministry of Water and Power here on Thursday signed an agreement with the Atlas Power Ltd for constructing a 225 MW power plant. The plant is being established in Sheikhupura and would be commissioned by March 2009.

The signing ceremony was held on the occasion of the 70th meeting of the Private Power and Infrastructure Board (PPIB) under the chairmanship of Minister of Water and Power Liaquat Ali Jatoi here.

The meeting was informed that the 84 MW New Bong Power Project, being established by the Laraib Energy Ltd, near Mirpur, Azad Jammu and Kashmir, was being processed at a fast pace. The project will be funded by the Asian Development Bank, the Islamic Development Bank, the National Bank and the Habib Bank, which will sign a loan agreement in the first week of July this year.

The meeting was told that the proposed venture would be the first-ever hydropower project established by the private sector in the country and would open new vistas for investment in hydel power.

The minister informed the board that the foundations of the 174 MW Fauji Mari Power Project at Daharki (Sindh) would be laid on July 24.