10 Jan 2019 | 10:30 am |
International law firm Pinsent Masons has advised on the project financing of a second 330MW coal-fired power station in Pakistan, using coal from the adjoining Thar Block II mine.
Pinsent Masons acted for Thar Energy Limited, the power stations developer, which when up and running will be critical in helping Pakistan address its electricity shortage. It is one of the biggest major project financing agreements under the Belt and Road China-Pakistan economic corridor, which covers $46 billion worth of infrastructure projects.
This is the second 330MW power station relying on the Thar Block II coal mine for its fuel. Pinsent Masons also advised on the initial US$700m financing of the mine and the US$821m financing of the first power station in 2015.
The team at Pinsent Masons was led by a cross border team working from Beijing, Hong Kong, Singapore and Dubai.
David Platt, lead partner said, "We are proud to have been an integral part of this project from its beginning. Not only is it extremely significant as part of the wider Belt and Road initiative, it will help transform Pakistan's energy landscape and resource."
The transaction was signed in front of the members of the China Pakistan Economic Cooperation Corridor Joint Committee. The project is sponsored by Hub Power Company (the largest private generator in Pakistan), Fauji Fertilizer Company and China Machinery Engineering Corporation.
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