KARACHI: National Bank of Pakistan received “Pakistan Deal of Year Award 2011” for acting as Inter-creditor Agent and Lead Arranger & Advisor with regards to financing two Renewable Wind Energy Power Projects of 50MW each in the country.

The two power projects Pakistans first ever 100% Islamic financed Renewable Energy Power Project also set new precedent in terms of Islamic financing structure in banking sector. NBP Group Chief of Corporate & Investment Banking Group Nadeem A Ilyas & Head of Investment Banking Rehmat Ali Hasnie received award from Islamic Finance News IFN based in Malaysia at ceremony in Dubai.

The deal included arrangement of Rs6 billion under Musharaka (Shirkat ul Milk) Finance Facility with a consortium of local banks and a foreign debt component of USD134 million being provided under Ijarah Finance Facility by Asian Development Bank & Islamic Development Bank. NBP acted as Inter-creditor Agent for local and foreign lending group.

Finance Facility Agreements of two projects were signed in May 2012 and construction expected to commence in August 2012.