INTERNATIONAL ELECTRIC POWER PAKISTAN
At IEP, our belief is that growth and prosperity must be built upon a stable, sustainable, and reliable power generation and distribution system. Pakistan was targeted due to its fragile state, importance to US security interests and severe shortage of electricity and potable water. IEP has strong relationships with in-country government agencies, private investors, banking institutions, consultants and international multilateral institutions for development, execution and financing of its projects.
IEP originally pursued the acquisition and rehabilitation of an 80MW Combined Cycle Gas Turbine (CCGT) plant with an attached 3 Million Gallons per Day (MGD) desalination plant. At the time, IEP’s CEO, Mr. Peter Dailey reported that, “Given the need for power in Pakistan we are exploring several other power generating opportunities throughout the country, but before embarking down those paths we will, in earnest, make sure that the plant is operating well.”
The results of IEP’s expertise in the project were significant. Highlights include:
IEP had worked with the Overseas Private Investment Corporation (OPIC) to mitigate such risks and achieve closure. Unfortunately, at that time, gas curtailment and geopolitical risks impacted the ability to achieve financial closure, even after obtaining all necessary agreements. The project would have created more than one hundred direct and indirect job opportunities to the residents of Karachi.