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The Central Power Purchasing Authority (CPPA) has disbursed nearly Rs142 billion to Independent Power Plants (IPPs) in order to reduce the stock of circular debt. The outstanding payment was made on June 27.

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

Controlling the bulging circular debt, especially, in the power sector has been one of the key demands of the Washington-based lender.

“The authorities’ program 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,” the IMF stated in its press release announcing the staff-level agreement on Friday.

Here is the list of IPPs:

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


As per the Ministry of Energy’s monthly report, during 11MFY23, the stock of circular debt increased by Rs394 billion to Rs2,646 billion, which translates into a monthly average Rs35.8 billion, compared to a decline of Rs27 billion during the same period last year.


Comments are closed.

hameed shaheen Jul 05, 2023 08:37pm
IPPs are wasteful burden on national monetary resource. In the presence of bulkiest Wapda there seems no need of ipps. Wapda can do ipps funtions as was used previously.
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Yousaf Hyat Jul 05, 2023 09:19pm
Hopeless situation
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Pakistani1 Jul 05, 2023 09:24pm
This is a good news and hopefully start of a program to settle this long standing issues which drags down various economic sectors. It will be useful to know whether this is being done in a transparent manner. (1)-Hence where can one get the actual outstanding of each recipient and what % of it was repaid this time? (2)- What is the schedule of future repayments? (3)-What is being proposed to stop creation of circulalar debt in future?
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zh Jul 06, 2023 10:29pm
Could you please also print the list of owners of these companies? It would be interesting to know if any of the person who negotiated the sweet deals with IPP are the owners.
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Bakhtiar Maani Sep 03, 2023 09:44am
The owner of IPP is minister power, I Khan 4 ministers were IPp owners We the masses are looted by white collar thieves
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