Bank of Punjab to arrange over Rs 20 billion for Punjab Thermal Power Project

Punjab Thermal Power

A signing ceremony for the award of debt arrangement mandates more than PKR 20 billion to The Bank of Punjab (BOP) by Punjab Thermal Power Limited (PTPL) and Energy Department, Government of Punjab (GoPb), was conducted on 26th August 2022 at BOP head office. 

According to well-informed sources, the ceremony was joined by Salman Zakaria (CEO, PTPL), Ajmal Bhatti (Secretary Energy, GoPb), Ghazanfar Jillani (Director & Acting Chairman, BOP), and Zafar Masud (President & CEO, BOP) along with other senior officials of PTPL and BOP. 

PTPL which is supported by Energy Department, GoPb, is looking forward to soon developing a 1,263MW RLNG-fired power plant with the purpose to provide clean energy in Pakistan with a project outlay of PKR 120 billion. 

Read more: Punjab plans to generate 5,000MW of electricity by 2024

It is one of the major and most efficient independent power producers in Pakistan, which is predicted to help in addressing the energy deficit problem of the country at an affordable cost. 

The award of debt arrangement mandates is a piece of evidence to Punjab Thermal Power Limited and Govt. of Punjab’s trust in the investment banking capabilities of The Bank of Punjab under its new leadership. 

Meanwhile, the chief executive officer of PTPL, Salman Zakaria acknowledged the role of BOP, which is fast developing as one of the most active commercial banks in the market, for sponsoring PTPL in arranging project debt at the time of financial close and extending all possible support to date. 

Moreover, Secretary Energy of GoPb Ajmal Bhatti highlighted the need for public sector enterprises to work in collaboration for the betterment of the public at large.  

BoP’s President and CEO, Zafar Masud also expressed his intense desire to work with the Government of Punjab in arranging to finance projects of national importance. He said that in spite of tough global economic challenges, Pakistan is still a promising destination for investment by overseas Pakistanis. 

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