National Bank of Pakistan wins 'Power Deal of the Year' Infrastructure Award 2021 - Press Release issued by National Bank of Pakistan.

Karachi -- June 09, 2021 (PPI-OT)

Following is the text of press release issued by National Bank of Pakistan (NBP)

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The National Bank of Pakistan (NBP), often referred to as the 'Nation's Bank', has won the 'Power Deal of the Year- 2021' award in the Infrastructure Awards category from The Asset (Triple A) for its work as a lead advisor and mandated lead arranger in a major infrastructure project for the Government of Punjab - 'Punjab Thermal Power Private Limited (PTPL)'.

The 'Asset Triple A' Awards are Asia's preeminent recognition of entities that have excelled in their industries. PTPL was incorporated in 2017 as an Independent Power Producer (IPP) in District Jhang, Punjab. As one of the most efficient RLNG projects, it will add 1,263 MW of electricity to the National Grid, which will improve the supply of power and provide cheaper electricity.

The project had been one of the biggest in its category, and had one of the largest public sector funding requirements. This deal had been structured as a hybrid transaction to allow participation from the conventional and Islamic Banks. The NBP had taken the lead by opening the Project LCs and by providing the Bridge Financing Facility.

The transaction had been attractive due to its cost-effectiveness, economic benefits to the industrial sector, and financial viability. As a result of efficient advisory and arrangement services by all the Mandated Lead Arrangers, financial closure was achieved on 23 April 2021. In terms of size and funding requirements, it is the biggest Project Finance deal that had been concluded during the year 2020-21 in Pakistan's...