Law Debenture appointed as security trustee for new hydropower project in Pakistan

09 November 2015

Mira Power Limited

We have been appointed as security trustee in relation to the construction of a new hydro power plant by Mira Power Limited, a company formed to undertake the construction, operation and maintenance of the Gulpur hydro power plant on the Poonch river, in the Kotli district of Azad Jammu & Kashmir, 167 kilometres east of Islamabad. Electricity generated from the scheme will be sold to the National Transmission and Dispatch Company of Pakistan.

Law Debenture acts on behalf of the lenders to the project led by International Finance Corporation (“IFC”), and including the Asian Development Bank, The Export-Import Bank of Korea and CDC Group plc..

Shareholders in Mira Power Limited include: Korea South East Power Company, a wholly owned subsidiary of Korea Electric Power Corporation, the largest electric utility in South Korea; Daelim Industrial Co Ltd, a global engineering, procurement and construction contractor and petrochemicals company, the flagship company of Daelim Group, one of the largest conglomerates in South Korea; and Lotte E&C, a member of the Lotte Group, one of the largest business groups in South Korea.

Law Debenture has considerable experience of acting as both offshore and onshore security trustee to a wide variety of major project financings, many led by IFC, throughout the world.
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