Established in September 2007, Liberty Power Tech Limited (the ‘Company’) was formed under Power Policy 2002 as an Independent Power Producer (IPP) to build, own, operate and maintain RFO based combined cycle power complex having gross capacity of 200 MW.
The Company has most efficient and advanced technology based 11 Engines with generation capacity of 16.911 MW each and 1 Steam Turbine 13.979 MW imported from Wartsila, Finland who is the leading and global supplier of power plants.
The total project cost of the Plant was USD 240.24 million, which was funded 25% by Equity and 75% by Debt. The Company achieved financial closure in March 2009 despite severe economic meltdown of year 2008 due to good reputation with financial institutions.
The Company got approved tariff on cost plus basis from National Electric Power Regulatory Authority (‘NEPRA’) in February 2008 and formally obtained generation license from NEPRA in April 2008.
The Company signed Implementation Agreement (‘IA’) with Islamic Republic of Pakistan (‘GOP’) in June 2008 which acts as sovereign guarantee for the debt and equity investors of the project and guarantees the obligation of National Transmission & Dispatch Company (‘NTDC ‘) under Power Purchase Agreement (‘PPA’).
PPA was signed between the Company and NTDC in July 2008. Under the PPA, NTDCL had contracted to purchase total net generation capacity of 196.14 MW from the Company for 25 years against predetermined tariff approved by NEPRA. Under the Power Policy 2002, the Company is guaranteed an IRR of 15% in USD terms.
The plant was successfully commissioned in January 2011. It is being operated and maintained by the world class O&M operator i.e. Wartsila Pakistan (Subsidiary of Wartsila, Finland) which further strengthen Company’s generation capability.