About Us

Pendekar Energy (L) Ltd Group


Pendekar Energy (L) Ltd ("PEL") is a private limited company incorporated in Labuan, Malaysia under the Offshore Companies Act, 1990 on 31 October 2005.

PEL is a 55:45 joint venture company between Powertek Ventures (L) Ltd ("PV") and Aljomaih Automotive Company Ltd ("Aljomaih"). PV is a wholly-owned subsidiary of Powertek Energy  Sdn Bhd. Aljomaih is a private limited company incorporated in the Kingdom of Saudi Arabia.

In November 2007, PEL completed the acquisition of Globeleq Limited's seven power plant assets located in Egypt, Bangladesh, Pakistan and Sri Lanka with a total generation capacity of 1,809.5 MW, at a purchase consideration of USD528 million. We are currently in the process of disposing off our interests in our Sri Lanka associates as their  PPAs had expired in 2012  and have not been renewed.

In the same period, PEL simultaneously completed the acquisition of the remaining 24% equity interest in Globeleq Bangladesh Ltd which was held by IDB Infrastructure Fund L.P. Globeleq Bangladesh Ltd has a 100% interest in two power plants which are located in Bangladesh and have a combined gross installed capacity of 810 MW.

The power plants are:

    Meghnaghat Power Plant, Bangladesh
    Haripur Power Plant, Bangladesh
    NEPC Barge Mounted Power Plant, Bangladesh
    Fauji Kabirwala Power Plant, Pakistan
    Sidi Krir Power Plant, Egypt

and are held through the following companies:

Meghnaghat Power Limited

Meghnaghat Power Limited (“MPL”) is a company incorporated under the Companies Act, 1994 (Act 18 of 1994) of Bangladesh on 4 February 1995.

MPL is 76% held by Pendekar Energy (L) Ltd, while the remaining 24% is held by Pendekar Energy Ventures (L) Ltd (“PEVL”). PEVL is a 55 : 45 joint venture company between Powertek Ventures (L) Ltd (formerly known as TEH Ventures (L) Ltd) and Aljomaih Automotive Company Ltd.

The power plant was established under a 22-year build, own and operate arrangement with the Government of Bangladesh. MPL entered into a 22-year Power Purchase Agreement with Bangladesh Power Development Board ("BPDB") as buyer of electricity produced by its power plant, and a Fuel Gas Supply Agreement with Titas Gas Transmission and Distribution Company Ltd to source natural gas.

The revenues of MPL are mainly derived from the available capacity and electrical energy produced by its power plant to its sole customer, BPDB. The payments are guaranteed by the Government of Bangladesh.

Haripur Power Limited

Haripur Power Limited (“HPL”) is a company incorporated under the Companies Act, 1994 (Act 18 of 1994) of Bangladesh on 1 April 1998.

Pendekar Energy (L) Ltd, through its subsidiaries has a 76% effective interest in HPL. Pendekar Energy Ventures (L) Ltd (“PEVL”), a 55 : 45 joint venture company between Powertek Ventures (L) Ltd (formerly known as TEH Ventures (L) Ltd) and Aljomaih Automotive Company Ltd, owns the remaining 24% of the interests.

HPL power station is a 360 MW natural gas combined cycle power plant, located 22 kilometers south-east of Dhaka, Bangladesh. The power plant was established under a 22-year build, own and operate arrangement with the Government of Bangladesh. HPL entered into a 22-year Power Purchase Agreement with Bangladesh Power Development Board ("BPDB") as buyer of electricity produced by its power plant, and a Fuel Gas Supply Agreement with Titas Gas Transmission and Distribution Company Ltd to source natural gas.

The power plant has been operational since 2001. The commercial operations date ("COD") for open cycle operation is on 23 May 2001 while the COD for combined cycle is on 1 December 2001. HPL was acquired by PEL in late 2007.

The revenues of HPL are mainly derived from the available capacity and electrical energy produced by its power plant to its sole customer, BPDB. The payments are guaranteed by the Government of Bangladesh.

NEPC Consortium Power Limited

NEPC Consortium Power Limited (“NEPC”) is a company incorporated under the Companies Act, 1994 (Act 18 of 1994) of Bangladesh on 15 February 1998.

NEPC is wholly owned by Pendekar NEPC Holdings ApS, a subsidiary of Pendekar Energy (L) Ltd.

NEPC owns a power station with 110 MW (8 x Diesel Engine) barge mounted dual fuel (heavy fuel oil and gas) facility. The barge mounted power plant is located on the river bank of Narayangj, Bangladesh nearby Haripur Power Limited’s power station. NEPC's power plant was built by Wartsila NSD Operations Inc and commissioned in June 1999. It supplies all its electricity under a 15-year Power Purchase Agreement with Bangladesh Power Development Board ("BPDB") which expires in 2014.

The revenues of NEPC are mainly derived from the available capacity and electrical energy produced by its power plant to its sole customer, BPDB. The payments are guaranteed by the Government of Bangladesh.

Fauji Kabirwala Power Company Limited

Fauji Kabirwala Power Company Limited (“FKPCL”) is a public limited company registered under the laws of The Islamic Republic of Pakistan on 15 February 1998.

Pendekar Kabirwala Power Limited, a subsidiary of PEL, owns 42% of FKPCL while Fauji Foundation owns 45% and Asian Development Bank owns 13%.

FKPCL is a 157 MW combined cycle gas-fired baseload power station located in Punjab, Pakistan. It supplies all its electricity to Water and Power Development Authority ("WAPDA") under a 30-year Power Purchase Agreement expiring in 2029.

The revenues of FKPCL are mainly derived from the available capacity and electrical energy produced by its power plant to its sole customer, WAPDA. The payments are guaranteed by the Government of Pakistan.

Sidi Krir Generating Company

Sidi Krir Generating Company (“SKGC”) is a partnership limited by shares formed in Egypt under Law No. 8 of 1997 on 15 July 1998.

The SKGC power station consists of two conventional 341.25 MW gas/oil fired steam generation turbine units with a combined guaranteed net output of 682.50 MW. It is located at the coast of the Mediterranean Sea, approximately 30 kilometers west of the city of Sidi Krir, Alexandria, Egypt. The power plant began commercial operations on 27 January 2002 and was acquired by Powertek Energy in late 2007.

Under the Power Purchase Agreement ("PPA") with the Egyptian Electricity Holding Company (“EEHC”), the arrangement is to build, own, operate and transfer the power plant to EEHC after the 20-year PPA term has ended.

Sidi Krir Management Services Company Limited

Sidi Krir Management Services Company Limited (“SKMS”) was incorporated in Egypt as a joint stock company under the laws of Egypt on 10 December 1998.

The principal activity of SKMS is to manage, operate and maintain the Sidi Krir Power Station 3 & 4 Gas-Fired Thermal Power Plant located at Alexandria, Egypt.

SKMS's objective is to ensure the plant operates at world class standards and adheres to the best practices while at the same time maintaining cost effectiveness and continuous years of accident free operation. The power plant has a reliability factor in excess of 99 percent and is recognised as setting the benchmark for power generation operation and maintenance practices in Egypt.

PEL Bangladesh Services Limited

PEL Bangladesh Services Limited (formerly known as Covanta Bangladesh Operating Limited) (“PBSL”) was incorporated in Bangladesh as a joint stock company under the laws of Bangladesh on 2 May 1999. PBSL became a wholly-owned subsidiary of Pendekar NEPC Holdings ApS on 22 April 2012.

PBSL provides operation and maintenance services to NEPC Consortium Power Limited’s 110MW barge mounted dual fuel facility which is located on the river bank of Narayangj, Bangladesh.