The largest Thar coal-fired Power Project by M/s Shanghai Electric Corporation, China in Pakistan with a total capacity of 1,320 megawatts (MW) has reached financial close.

In a statement, the Private Power and Infrastructure Board (PPIB) said the project under the China-Pakistan Economic Corridor, will use a state-of-the-art Super Critical Technology that can meet environmental obligations.

The project is also the second cheapest power project based on fuel cost and is expected to generate nine billion units of electricity annually.

This will bring the total capacity of the five Thar coal-based power projects to 3,300 MW.

PPIB added that Shanghai Electric Group Corporation are the sponsor of the project, whilst Sino Sindh Resources is the coal supply. Industrial and Commercial Bank of China (ICBC), China Development Bank, Bank of Communications Co. Ltd., China Minsheng Bank Corporation, Postal Savings Bank of China Co., Ltd., and Agriculture Bank of China are the lenders of the project and Sinosure is its insurer.