DHA to take back Cogen power plant from Ashmore

[Lahore_Real_Estate]

KARACHI - The Defence Housing Authority (DHA) would acquire the Defence Cogen Limited (DCL) from the international firm that holds its controlling assets and run the power plant on its own after it becomes operational by the end of this year.
“The power plant was being operated by the Ashmore Energy International, a Cayman Islands company. However, the DHA would run the plant itself after its start running again in December,” DHA Public Relations Officer Riffat Naqvi told Pakistan Today.
“All developments for taking charge of the power plant are headed in the right direction.”
The DHA Cogen power plant is the first water desalination and electricity generation plant in the country.
The DCL was a joint venture between the DHA and Sacoden Investments, Singapore.
After its inauguration in early 2008, Ashmore acquired Sacoden`s shares and became the majority shareholder of the company. However, the plant developed faults and was shut down in September that year. After many issues, it was finally re-commissioned on August 21, 2009. The Ashmore Energy International has also extensively purchased assets in Brazil, Bolivia, Peru, Colombia and Chile from energy companies like Shell, Suez Energy International, Promigas, Prisma Energy (subsidiary of Enron) and GasAtacama.