ISLAMABAD, Oct 29: The Private Power and Infrastructure Board and Engro Energy Limited signed here on Monday the implementation agreement for 226.5MW power project.

A PPIB press release said that the company had recently signed the power purchase agreement with the National Transmission and Despatch Company and financial close of the project was expected very soon.

It said the power plant would be located at Qadirpur in Sindh, using low BTU (British thermal unit) permeate gas from Qadirpur field, and would apply combined cycle technology.

The power complex would be set up with an estimated cost of $205 million and the sponsor of the project was Engro Chemical Pakistan Limited, while the financing would be provided by foreign banks, the press release said.

The complex is expected to start supplying power to the national grid by December 2009.

PPIB Managing Director Yousuf Memon and Engro Energy Limited CEO Khalid Mansoor signed the agreement.