Nepra has approved upfront tariff of 350MW Coal-fired Supercritical Power Plant being established by Siddiqsons Group. The estimated cost of the project is $600 million and financial close is expected by first quarter of 2016.

This 350MW Supercritical Coal-fired Power Plant will be Pakistan’s first ever coal power project of its kind at Port Qasim, Karachi.

Approval of upfront tariff by Nepra will assist the company in further accelerating the progress of the project. Company has also entered into an enormous developmental and progressive phase.

Chief Executive Officer Siddiqsons Energy Limited, A. Rahim Rafi said that his company is fully cognisant of the fact that low-cost electricity is extremely crucial for the economic growth and stability of the country and coal-based energy production is the key to addressing this issue.

Against the global trend where world is producing approximately 41pc of electricity through coal, Pakistan is producing less than 1pc electricity through coal, despite being the cheapest source of electricity.

Siddiqsons Group believes in innovation and catering to unique market segments in Pakistan. After successful ventures of denim manufacturing, MCB and Ocean Tower in Pakistan, Siddiqsons is diversifying into power generation to help reduce electricity shortage in the country through efficient supercritical technology that has lower cost and lower carbon footprint as compared to existing assets in Pakistan.

The company was formed in May, 2014, with a mandate to enter into the business of power generation and since then, it has proactively invested in the development of the project.