In a notification to the Pakistan Stock exchange, Engro Corporation has announced the Commercial Operations Date (COD) of its Thar based 660 MW coal-fired power generation plant effective from 10 July, 2019. Previously, The company successfully tested and synchronized its first 330MW unit in March-19 and the second 330MW unit in April-19 successfully getting connected to the national grid.
Engro Powergen Thar (Private) Limited project cost is around US$ 1,1 billion out of which US$ 831 Million is arranged through debt while US$ 277 Million is injected as equity based on 75:25 debt to equity ratio
Engro Energy Limited is the majority shareholder in the project with 50% shareholding. Rest of the equity comes from China Machinery Engineering Company -CMEC (35%), Habib Bank Limited (9.5%) and Liberty Mills (5.4%).
Moreover, Sindh Engro Coal Mining Company Limited which is an associated company of Engro Energy Limited has also announced the Commencement of its Operations. Sindh Engro Coal Mining Company will supply Thar coal to Engro Powergen Thar Ltd for its coal-based plant.