ISLAMABAD, Oct 23: The implementation agreement for 225MW Bhikki power project by Halmore Power Generation Company was signed on Tuesday at Private Power Infrastructure Board (PPIB).

Muhammad Yousuf Memon, the managning director PPIB signed the agreement on behalf of the government, while Shahid Hafeez Ahmed, chief executive officer of Halmore Power signed the agreement on behalf of the company.

The power project, to be located at Bhikki, district Sheikhupura, Punjab, using pipeline quality gas will apply combined cycle technology. The plant will be set up at an estimated cost of $169 million and is totally financed from the international markets with Dr Main M Sharif , a well known businessman of UK as the leading sponsor.

Debt will be provided by leading banks making it the first independent power project (IPP) to be signed under the 2002 power policy, which involves foreign lenders.