The transaction was declared as the best 'project finance deal-Asia by 'The Asset' in December 2009, says a press release.
AES Lal Pir and Pak Gen are based in Muzaffargarh and were established in late 1990 under 1994 IPP policy. The generation capacity of these two units is 727MW using state-of-the-art steam turbine.
These plants, which have been acquired, are managed by an excellent and dedicated team of professionals.
In this acquisition Nishat Group and Associates collectively own 50 per cent of the shares, whereas Abu Dhabi Investment Council (ADIC), which is owned by the Government of Abu Dhabi, has acquired 30 per cent and City School 20 per cent shares.
With this acquisition Nishat Group has become a major energy provider within Pakistan generating over 1200 MW excluding Captive Power and playing a significant role in supplying much needed electricity to WAPDA and PEPCO.
This acquisition at a time when the country is under an IMF program demonstrates foreign investment in this case from ADIC can be attracted based on sound financial viability of projects undertaken within Pakistan.
Nishat Group and its consortium members are optimistic about the future of this sector in spite of the present concerns over circular debt and is totally committed to build upon and expand its generation capacity within Pakistan playing its due role to reduce the energy shortfall particularly affordable energy to PEPCO for distribution.
