Altern Energy Limited has submitted a request to the Central Power Purchasing Agency (Guarantee) Limited (CPPA), for early termination of the Power Purchase Agreement (PPA) entered with CPPA.
In a statement to the Pakistan Stock Exchange (PSX) today, the company said that the Board of Directors made the decision given continued “operational losses suffered by the company as a result of no dispatch demand from the off-taker during the past several years”.
The CPPA has also been requested to terminate the Implementation Agreement entered into with the President of the Islamic Republic of Pakistan on behalf of the Government of Pakistan (IA), and the guarantee issued by the government.
“The Board of Directors has referred the proposal for early termination of the agreements to the shareholders of the company for consideration and approval in the shareholders’ meeting,” the company said.
Comments
Comments are closed for this article.