Dawood Lawrencepur Limited (DLL) is going to invest $30 million in the equity of Tenaga Generasi Limited (TGL) through the issue of right shares. This was disclosed by the company through a notice to the stock exchanges in Karachi and Lahore to share with its stakeholders the material information under the regulatory laws. TGL, the wholly-owned subsidiary of DLL, is developing a 49.5 megawatts wind power plant at Kuttikun, Mirpur Sakro Taluka of District Thatta in Sindh.
The power generation facility is being constructed at a cost of $89m. The project is envisaged to be financed through a mix of 25 per cent equity and 75pc debt. While the $30m equity would be provided by the DLL and International Finance Corporation (IFC), $59m debt would be made available by the Overseas Private Investment Corporation (OPIC), IFC and a local lender consortium. To this effect, the Board of Directors of DLL, in its Thursday's meeting, gave a nod to the signing of equity documents by the company.
Also, the Board allowed the company to proceed with the sponsor support agreement that would lead to $30m or 25pc equity investment in the TGL by the DLL. The Board also authorised the company to take all necessary steps to facilitate the TGL achieving financial close by the 31st of this month. The listed companies are bound to share any price-sensitive material information with their shareholders at the country's stock exchanges under Section 15D (1) of the Securities and Exchange Commission of Pakistan Ordinance 1969.
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