LAHORE: The National Transmission and Dispatch Company (NTDC) has secured a Rs6.40 billion financing facility from the consortium of banks, Habib Bank Limited, National Bank of Pakistan and BankIslami Pakistan Limited, a statement issued by the company said on Tuesday.

The financing facility will be utilised for the construction of 220/132kV substation and 35km-long allied transmission lines to evacuate 1,224MW clean renewable energy generated by wind power plants located at Jhimpir Wind Corridor.

NTDC managing director Engr Muhammad Ayub signed the contract of the financing facility with Asad Altaf, general manager of Corporate Banking Head (Central) HBL; Zia-ud-Din Tahir, unit head of NBP (Corporate); and Amir Ashraf, head of corporate (central) of the BankIslami, during a ceremony held at the Wapda House Lahore.

Ayub said, for the first time, the National Transmission and Dispatch Company has explored the option of raising a financial facility from its own resources (balance-sheet) without the government of Pakistan guarantee.

Previously, the company had to rely on the government’s guaranteed loans from the local market. This financing facility would be a precursor for more funding for the upcoming NTDC projects.

The PC-1 cost of the Jhimpir-II project is Rs10.753 billion and the funding required was Rs6.40 billion, he said, adding that the project will have sufficient capacity to transmit more power in future.

To meet the future developments in Gharo-Jhimpir wind corridor, the 220kV grid station will be upgraded to 500kV capacity in the coming years, Ayub added.

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