KARACHI: National Bank of Pakistan (NBP) has received “Pakistan Deal of the Year Award 2011″ for acting as inter-creditor agent as well as lead arranger and advisor with regards to financing of two renewable wind energy power projects of 50 MW each in the country.
The two power projects are Pakistan’s first ever 100% Islamic financed renewable energy power project which has also set a new precedent in terms of Islamic financing structure in the local banking sector.
According to NBP here on Tuesday, group chief of corporate and investment banking group Nadeem A Ilyas and head of investment banking Rehmat Ali Hasnie received the award from Islamic Finance News (IFN) based in Malaysia at a recently held ceremony in Dubai in relation to the transactions.
The deal included arrangement of Rs 6 billion under Musharaka (Shirkat ul Milk) finance facility with a consortium of local banks and a foreign debt component of $ 134 million being provided under Ijarah finance facility by Asian Development Bank (ADB) and Islamic Development Bank (IDB) whereas NBP has acted as Inter-creditor Agent for both local and foreign lending group.
The Finance Facility Agreements of these two projects were signed in May 2012 whereas the construction of the projects is expected to commence in August 2012.