Rs142 billion paid to IPPs to lower circular debt as per IMF condition

List of IPPs and their respective amounts comes to light

Picture source - Reuters
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In order to lower the stock of circular debt, the Central Power Purchasing Authority (CPPA) has given about Rs142 billion to Independent Power Plants (IPPs). On June 27, the balance was paid in full.

According to Rao Aamir Ali of brokerage firm Arif Habib Limited (AHL), in a report on Wednesday, the development is in line with the International Monetary Fund’s (IMF) recommendation of reforms and advancement in the energy sector in a recently signed staff-level agreement for an SBA facility totaling $3 billion.

One of the main objectives of the Washington-based lender has been the control of the spiraling circular debt, particularly in the electricity industry.

“The authorities’ programme also includes ongoing efforts to strengthen the viability of the energy sector (including through a timely FY24 annual rebasing), improving SOE governance, and strengthening the public investment management framework, including for projects needed to build resilience to climate change,” according to the IMF in a press release announcing the staff-level agreement on Friday.

According to the Ministry of Energy’s monthly report, over the first eleven months of FY23, the stock of circular debt rose by Rs394 billion to Rs2,646 billion, or an average of Rs35.8 billion per month, up from a fall of Rs27 billion during the same time in FY22.

Company Name Amount
ACT Wind (Pvt) Limited Rs40mn
AJ Power (Private) Ltd. Rs10mn
Appolo Solar Development Pakistan Limited Rs257mn
Artistic Energy (Pvt.) Limited Rs75mn
Atlas Power Limited Rs2700mn
Attock Gen Limited Rs2750mn
Best Green Energy Pakistan Limited Rs137mn
Chanar Energy Limited Rs15mn
China Power Hub Generation company (Pvt.) Ltd Rs9210mn
Chiniot Power Limited Rs350mn
Crest Energy Pakistan Limited Rs184mn
Daral Khwar HPP Rs100mn
Engro Powergen Qadirpur Limited Rs1000mn
Engro Powergen Thar (Pvt) Limited Rs4310mn
Fauji Kabirwala Power Company Ltd. Rs500mn
FFC Energy Limited Rs100mn
Foundation Power Company Daharki Ltd. Rs2500mn
Foundation Wind Energy-I Limited Rs350mn
Foundation Wind Energy-II (Pvt.) Limited Rs350mn
Gul Ahmed Wind Power Ltd Rs400mn
Halmore Power Generation Company Limited Rs1600mn
Hamza Sugar Mills Limited Rs20mn
Harappa Solar (Pvt) Limited Rs15mn
Hawa Energy (Private) Limited Rs50mn
Huaneng Shandong Ruyi Energy (Pvt) Ltd Rs10004mn
Hydrochina Dawood Power (Private) Limited Rs295mn
JDW Sugar Mills Ltd. Rs20mn
JDW Sugar Mills Ltd. Rs70mn
Jhimpir Power (Private) Limited Rs50mn
Karachi Nuclear Power Plant-Unit-2 Rs8750.63mn
Karachi Nuclear Power Plant-Unit-3 Rs2668.49mn
Karot Power Company (Pvt.) Limited Rs631mn
Kohinoor Energy Ltd. Rs800mn
Kot Addu Power Company Ltd. Rs4250mn
Lalpir Power (Private) Limited Rs2000mn
Laraib Energy Limited Rs125mn
Liberty Daharki Power Limited Rs1500mn
Liberty Power Tech Limited. Rs2050mn
Lucky Electric Power Company Limited Rs5500mn
Master Wind Energy Limited Rs50mn
Metro Power Company Ltd Rs50mn
Narowal Energy Limited Rs2500mn
National Power Parks Management Company Private Limited Rs9000mn
National Power Parks Management Company Private Limited Rs13000mn
Neelum Jhelum Hydropower Company (Pvt.) Ltd. Rs2200mn
Nishat Chunian Power Limited Rs1600mn
Nishat Power Limited Rs2000mn
Orient Power Company (Private) Limited Rs1600mn
Pak Gen Power Limited Rs2500mn
Pakhtunkhwa Energy Development Organization (Malakand-III) Rs250mn
Port Qasim Electric Power Company (Pvt.) Limited Rs8317mn
Punjab Thermal Power Private Limited Rs750mn
Quaid E Azam Solar Power Pvt Ltd Rs50mn
Quaid-e-Azam Thermal Power (Pvt) Limited Rs7000mn
Rousch Pak Power Ltd. Rs1750mn
RYK Mills Limited Rs20mn
Sachal Energy Development (Private) Limited Rs139mn
Saif Power Limited Rs2250mn
Sapphire Electric Company Limited Rs2500mn
Sapphire Wind Power Company Limited Rs15mn
Star Hydro Power Limited Rs100mn
Tenaga Generasi Limited Rs600mn
Thal Industries Corporation Ltd Rs50mn
ThalNova Power Thar (Pvt.) Ltd Rs1302mn
Thar Coal Block-1 Power Generation Company (Pvt) Limited Rs3325mn
Thar Energy Limited Rs2716mn
The Hub Power Company Limited Rs2000mn
Three Gorges First Wind Farm Pakistan (Private) Limited Rs25mn
Three Gorges Second Wind Farm Pakistan Limited Rs98mn
Three Gorges Third Wind Farm Pakistan (Private) Limited Rs110mn
Tricon Boston Consulting Corporation (Private) Limited Rs25mn
Tricon Boston Consulting Corporation (Private) Limited Rs25mn
Tricon Boston Consulting Corporation (Private) Limited Rs25mn
Uch Power Ltd. Rs1000mn
Uch-II Power (Pvt.) Limited Rs7000mn
UEP Wind Power (Pvt)Ltd Rs149mn
Yunus Energy Limited Rs100mn
Zephyr Power (Pvt.) Limited Rs40mn
Zorlu Enerji Pakistan Limited. Rs25mn
Total Rs141.99bn