Bureau Report
KARACHI: National Bank of Pakistan (NBP), very often referred to as the Nation’s Bank, has won the “Power Deal of the Year- 2021” award in the Infrastructure Awards category from The Asset (Triple A) for its work as a lead advisor and mandated lead arranger in a major infrastructure project for the Government of Punjab – “Punjab Thermal Power Private Limited (PTPL)”. The Asset Triple A Awards are Asia’s preeminent recognition for those who have excelled in their respective industry.
PTPL was incorporated in 2017 as an Independent Power Producer (IPP) at District Jhang, Punjab. As one of the most efficient RLNG projects, it will add 1,263 MW of electricity to the National Grid which will not only improve power supply but will also provide cheaper electricity. The Project was one of the biggest in its category and had one of the largest public sector funding requirements. This deal was structured as a hybrid transaction to allow participation from both Conventional and Islamic Banks. NBP took the lead by opening the Project LCs and by providing the Bridge Financing Facility.
The transaction was attractive due to its cost effectiveness, economic benefits to the industrial sector, as well as its financial viability. As a result of efficient advisory and arrangement services by all Mandated Lead Arrangers, financial closure was achieved on April 23, 2021. In terms of size and funding requirements, it is the biggest Project Finance deal concluded during the year 2020-21 in the financial sector of Pakistan.
