ISLAMABAD, Nov 14: Atlas Power Limited (APL) has achieved financial closure of its $169 million 225 MW thermal power plant to be set up near Sheikhupura.

The financial closing documents were signed between Private Power and Infrastructure Board (PPIB) and Atlas Power Limited at PPIB Office on Wednesday, said a press release. Senior level officials from both sides attended the signing ceremony.

The sponsors of the project are Shirazi Investments (Atlas Group) and MAN (Germany), while National Bank of Pakistan (NBP), Habib Bank Limited (HBL), United Bank Limited (UBL), MCB Bank, Allied Bank Limited (ABL) and Atlas Bank are the lenders to the project.

The power plant will use residual fuel oil (RFO) and is expected to start its commercial operations by March 2009.