ISLAMABAD, Sept 25: Attock General Limited (AGL) on Tuesday achieved financial closure for its 165MW thermal power plant to be established at Morgah, Rawalpindi. The power plant is expected to start its commercial operation by August 2008. The estimated cost of the project is $148.60 million, wherein 20pc equity will be invested by the sponsors (Attock Refinery Limited and Attock Oil Company Ltd. UK) and 80pc debt will be financed through lenders (Faysal Bank Limited, Allied Bank Limited and Meezan Bank Limited).

Federal Minister for Water and Power Liaquat Ali Jatoi witnessed the signing ceremony of the financial closing documents executed between the AGL and Managing Director of Private Power and Infrastructure Board (PPIB) Mohammad Yousuf Memon.

The minister appreciated that this was the fifth project to achieve financial close under the 2002 policy. This, he said, has showed confidence of the investors in the policies of the government. “We are committed to team up with the private investors for developing the power sector,” the minister added.