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12 May 2010

Mott MacDonald is Lender’s Engineer on Pakistan’s first private hydroelectric project to reach financial close

Mott MacDonald was appointed as Lender’s Engineer for a consortium of lenders (Asian Development Bank, Habib Bank Limited, Islamic Development Bank, National Bank of Pakistan, International Finance Corporation and Proparco) on the New Bong Escape Hydroelectric Project, Pakistan, in 2005. The project was the first private hydroelectric project to reach financial close (December 2009).

Following achievement of this major milestone, Mott MacDonald’s professionals will continue to monitor construction of the project on behalf of the lenders until project completion in 2013.

The 84MW hydroelectric project sponsored by Laraib Energy Limited* is worth around US $200 million and will help meet Pakistan’s growing demand for electricity and is key to helping the country’s development.

Mott MacDonald’s project director, Jeff Kerr said, “It’s exciting to be involved in the first private hydroelectric project in Pakistan to complete financial close. Mott MacDonald is a leader in providing due diligence on the technical, financial and environmental aspects of major projects around the world and it has been a great opportunity for us to help the lenders and Laraib Energy reach financial close with this important power project for Pakistan.”

Ends

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