ISLAMABAD: UEP Wind Power Limited has requested Rs 6.213 billion from the Central Power Purchasing Agency (CPPA-G) to meet critical financial obligations through December 31, 2024, citing delayed payments and mounting debt. In a letter to CPPA-G’s CEO, UEP’s President, Khurram Shahzad, outlined the company’s urgent need to address upcoming debt payments, including a substantial liability to China Development Bank.
UEP foresees a shortfall that could lead to default if unmet, with unpaid invoices expected to total Rs 9.134 billion by December, of which Rs 8.437 billion is already overdue. The company highlights the necessity of paying Rs 1.001 billion to its Operations & Maintenance (O&M) operator by October 31, 2024, to prevent potential shutdowns. Additionally, a $7 million working capital loan has been deferred to the next year.
UEP urges CPPA-G to release funds in tranches by the specified dates, emphasizing the importance of this assistance to maintain operations and fulfill financial responsibilities.
Story by Mushtaq Ghumman
