ISLAMABAD, Dec 21: The Halmore Power Generation Company (Pvt) Ltd (HPGCL) on Thursday signed its implementation agreement with the Private Power and Infrastructure Board (PPIB).

According to a press release, the HPGCL is a UK-based business concern, which is bringing in direct foreign investment into Pakistan, and has established its office here to set up a 225 megawatt thermal power plant to be situated at Bhikki in Punjab.

The IA document was initiated and exchanged between Mr Khalid Irfan Rahman, managing director of PPIB, and Mr Shahid Hafeez Ahmed, the managing director of the company, in the presence of Dr Mian M Sharif, CEO of the company and other senior officials.

Earlier on Dec 20, a power purchase agreement was initialled between the company and NTDC, while the gas supply agreement has already been initialled with the Sui Northern Gas Co, Ltd.

With the initialling of the implementation agreement on Thursday, the package of agreements (IA, PPA and GSA) concludes as per requirements of the 2002 power policy, after which the company will proceed with its financial closure and thereon construction of the power complex.

Targeted to start its commercial operations in 2008, the power plant is estimated to be established at a cost of $185 million. The power plant is based on combined cycle/gas turbine technology, and is capable of operating on fuel, it will use gas as the primary fuel.