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

Orient Power Company (Private) Limited (referred to as "Orient Power" or "the Company") was established to develop and operate a 212.7 MW (net) combined-cycle, dual-fuel power generation plant for the purpose of generating and supplying electricity to the Central Power Purchasing Agency Guarantee Limited (CPPA-G). The plant commenced commercial operations on May 24, 2010. The Company’s credit ratings reflect its strong business profile, supported by demand risk coverage under a 30-year Power Purchase Agreement (PPA) with CPPA-G, effective from the Commercial Operations Date (COD). Furthermore, the Implementation Agreement ensures sovereign guarantees for the Company’s cash flows, subject to compliance with agreed-upon performance benchmarks—specifically, an availability factor of 90% and efficiency levels of 51.2% on gas/Re-gasified Liquefied Natural Gas (RLNG) and 48.5% on High-Speed Diesel (HSD), taking into account annual heat rate degradation and part-load operating curves. During the review period, the Company consistently met these performance benchmarks. Operational reliability is further enhanced through the engagement of GE Vernova International LLC (“GEVI”) as the Operations, Maintenance, and Service (O&M) contractor, leveraging both local and international expertise in the energy sector. The plant’s primary fuel is gas/RLNG, supplied by Sui Northern Gas Pipelines Limited (SNGPL), while HSD serves as a backup fuel. The risk associated with fuel supply is considered manageable, given the significant integration of RLNG into Pakistan’s energy mix. During the nine-month period ending FY25 (9MFY25), Orient Power supplied approximately 297 GWh of electricity to the national grid, reflecting lower dispatch levels due to reduced demand from the Power Purchaser. The Company reported sales revenue of approximately PKR 13,233 million and a net profit of PKR 2,709 million. As of the third quarter of FY25, the Company’s equity stood at around PKR 18,988 million. Orient Power's leverage increased to 9.2% in the third quarter of FY25, up from 6.4% in FY24. The rise is primarily attributed to an increase in short-term borrowings. In terms of shareholding changes, Mahmood Textile Mills Limited reduced its stake in the Company from 20.97% to 11.07%, with the divested shares acquired by Whistler Enterprises (Private) Limited. Additionally, Whistler Partners FZ LLC transferred its 1.67% shareholding to Mr. Nadeem Babar, thereby increasing his total equity interest in the Company from 21.14% to 22.81%.
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 (Orient Power) 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 seven members. The Company is led by Mr. Kashif Bashir Rana, who serves as Chief Executive Officer. He is a Chartered Accountant with over 25 years of post-qualification experience, primarily in the power sector, along with three years in the textile industry. Mr. Rana is supported by a team of qualified and experienced professionals.