International Power has signed the financial agreement to develop Uch II, a 375 MW CCGT extension to the existing 572MW Uch plant in Pakistan. Uch II will be 100% owned by International Power. The total project cost is estimated at $480m which will be funded by debt and equity in a 75:25 ratio. International Power’s equity investment of $120m will be funded from current liquid resources. The $360m of debt will be provided by multilateral and bilateral agencies that include the Asian Development Bank, International Finance Corporation, Korean EXIM and the Islamic Development Bank. The electricity generated from Uch II will be sold through a 25-year US$ indexed power purchase agreement with the National Transmission and Despatch Company, which is wholly owned by the Government of Pakistan. Gas will be supplied from the existing gas field under a gas supply agreement with the Oil and Gas Development Company of Pakistan. The Uch II project will be constructed under an EPC contract with Hyundai Engineering Company and Descon Engineering. It will comprise two GE9E gas turbines and one steam turbine. The plant is expected to be operational in 2013.
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