Bernard Controls have announced plans to supply 85 ST INTELLI electric actuators to Korean engineering company Daekyung Machinery & Engineering Co. ltd through Yooshin E&I, a long time partner of the Bernard Controls Group located in Seoul.
The so-called UCH-II is 100% owned by International Power. The total project cost is estimated at US$480 million which are funded by debt and equity in a 75:25 ratio. International Power's equity investment of US$120 million is funded from current liquid resources. The US$360 million of debt provide by multilateral and bilateral agencies that include the Asian Development Bank, International Finance Corporation, Korean EXIM and the Islamic Development Bank. The project has been funded by the ADB (Asian Development Bank) up to the level of 100M$. UCH-II uses the local gas reserves, thus reducing the dependence of the country to imported oil. Moreover, the local economy is boosted and this investment in power plant makes a significant contribution to the integration of an impoverished and unstable province.
The electricity generated from UCH II will be sold through a 25-year US$ indexed power purchase agreement with the National Transmission and Despatch Company, which is wholly owned by the Government of Pakistan. Gas will be supplied from the existing gas field under a gas supply agreement with the Oil and Gas Development Company of Pakistan.