Financial close: PPIB grants 6-month extension to 2 power projects

The Private Power Infrastructure Board (PPIB) has granted six month extension – up to December 7, 2017 – in the financial close date of two 660 MW each imported coal-fired power projects to be established by Hub Power Company (Hubco) at Hub (Balochistan), well-informed sources told Business Recorder.
The Board, has also exempted the projects from doubling the amount of Performance Guarantee (PG) but after the required extension in its validity, subject to the condition that such extension in the FC date will not affect the synchronization date of the first unit (ie, December 31, 2018 and financial close date (ie, August 1, 2019) as per Power Purchase Agreement.
Published in Business Recorder, 25th July, 2017