Neelum-Jhelum transmission line: UBL arranges Rs 17 billion syndicated term facility

United Bank Limited (UBL) has arranged Rs 17 billion Syndicated Term Facility NTDCL Neelum Jhelum transmission line project. President and CEO UBL Wajahat Husain and Managing Director of National Transmission and Despatch Company Limited (NTDCL) Engineer Muhammad Arshad Chaudhry attended a formal ceremony marking a major milestone towards Facility Effectiveness of the Syndicated Term Finance Facility of Rs 17 billion.
The facility aims at construction of 500 KV Double Circuit Transmission Line of 270 km along with the associated network for the evacuation of power from Neelum Jhelum Hydro Power Project to Gujranwala and Ghakhar Grid Station and for construction of 2x500 KV line bays including shunt reactor at 500 KV Gujranwala Grid Station.
Finance arranged by UBL consists of its own participation of Rs 13 billion and Rs 4 billion from Bank AL Habib, said a press released here on Thursday. Speaking on the occasion, the President and CEO UBL said this landmark transaction signifies the beginning of large-ticket financings for development of sustainable energy infrastructure in Pakistan. It reflects UBL's commitment towards the government's mandate of overcoming energy shortages in the country.
Managing Director NTDCL Muhammad Arshad Chaudhry while speaking on the occasion said the construction of the transmission line has already been initiated and would be completed in two phases. The first phase consists of 145 km long transmission line from Neelum Jhelum to Domeli (near Rewat) which would be completed before commissioning of the project and Phase II shall consist of a 130 km long transmission line from Domeli to Gujranwala.
He said work on phase one has already started on fast track basis and the engineers were working day and night in difficult terrains of Azad Jamu and Kashmir to complete the much-needed Neelum Jhelum Transmission line well within planned timelines. He appreciated the efforts of UBL as a trusted business partner under the leadership of Wajahat Husain, President and Naweed Sharif, Group Head Corporate & Investment Banking for their co-operation. Senior executives of both UBL and NTDCL also attended the ceremony.