PACRA Maintains Entity Ratings of Orient Power Company (Pvt.) Limited

Orient Power Company (Private) Limited’s (“Orient Power” or “the Company”) assigned ratings are underpinned by a long-term, 30-year Power Purchase Agreement (PPA) with CPPA-G. Under the terms of the agreement, the Company is entitled to capacity payments, provided it continues to meet the stipulated operational benchmarks, including the required availability factor of 90% and the prescribed efficiency standards. The framework is further strengthened through the Implementation Agreement, which provides sovereign-backed support for the Company’s payment obligations. Operational reliability is enhanced through a long-term O&M agreement with GE Vernova (valid until December 2040). The plant's primary fuel is RLNG supplied by SNGPL, with HSD as backup. During 9MFY26, the Company generated 200 GWh of electricity, translating into revenue of PKR 9,548mln and a net profit of PKR 2,451mln, thereby reflecting stable operational performance. Equity stood at PKR 21,036mln as of March 31, 2026, underscoring a solid capital base, which is further supported by strong liquidity. The Company has fully retired its project-related long-term debt, with repayments completed in March 2020. As a result, the Company carries no material long-term commercial or project-related debt on its balance sheet. Working capital requirements are primarily managed through internal cash generation, supported by sufficient available working capital lines, which may be utilized as and when required.
Maintaining strong operational performance in accordance with agreed performance benchmarks, along with continued financial discipline, will remain critical to the sustainability of the assigned ratings.

About the Entity
Orient Power Company (Private) Limited was established in 2003 as a private limited company under the Power Policy 2002. The Company operates a 229 MW (Gross ISO) power generation facility. Its registered office is located in Lahore, while the plant is situated in Balloki, District Kasur. The Board of Directors comprises six members. The Company is led by Mr. Kashif Bashir Rana, who serves as Chief Executive Officer. He is a Chartered Accountant with over 28 years of post-qualification experience, primarily in the power sector. Mr. Rana is supported by a team of qualified and experienced professionals.