Shanghai Electric Achieves Financial Close for Coal Mine Project of Thar Block-1 Integrated Coal Mine-Power Project in Pakistan

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THAR PARKAR, Pakistan, Feb. 29, 2020 /PRNewswire=KYODO JBN/--

Shanghai Electric Group ("Shanghai Electric" or "the Company"), the world's

leading manufacturer and supplier of power generation and industrial equipment,

one-stop energy solution provider, announced that it had achieved the financial

close for the Coal Mine Project out of the Thar Block-1 Integrated Coal

Mine-Power Project. The Thar coalfield is the largest in Asia, which holds an

estimated lignite resource exceeding175 billion tons, covers an area of over

9,000 square kilometers in the Thar Desert in the southeastern part of

Pakistan's Sindh Province.

For Thar Block-1 Integrated Coal Mine-Power Project, the Coal Mine is planed

with an annual production capacity of 7.8 million tons and featuring two

660-megawatt coal-fired power plants, the project is capable of powering 4

million households in Pakistan with 1320 megawatts of indigenous, affordable

and reliable electricity.

Photo - https://photos.prnasia.com/prnh/20200229/2734017-1

Thar Block-1 Integrated Coal Mine-Power Project was developed under the

umbrella of the China-Pakistan Economic Corridor (the "CPEC"). It is part of an

effort by the Government of Pakistan to improve energy security and reduce the

average cost of power generation by moving from oil to coal. The project would

energize the national grid and further help with savings on foreign exchange

based on fuel costs.

Sindh Chief Minister Syed Murad Ali Shah appreciated Shanghai Electric's

support in expediting the process of benefiting from locally sourced fuel and

Shanghai Electric's vital role in the development of the Thar Coalfield power

station project which will bring the economic benefits to the local community.

The project is employing over 908 local workers at this moment and will employ

more staff during its peak construction period. The project will also play an

essential role in the social development of the region, with Shanghai Electric

pledging to be an active and enthusiastic force in development efforts that

help the local Thar community by improving education, health, infrastructure

and the overall lifestyle of the region.

"We are proud to help bring the country its first large-scale, local coal-based

electricity project. We are also grateful to the local government for their

support." said Mr. Qian Xiaolei, PR Manager of Thar Coal Block-1 Power

Generation Company (PVT) Ltd (SPV of Shanghai Electric in Pakistan).

Leveraging the project's positive momentum, Shanghai Electric has already begun

the construction of power plants in the Thar Coalfield. The Company will bring

power plants of ultra-supercritical technology, which can run at higher net

efficiency than the annual average net efficiency required by Pakistani

government. Additionally, the plants will operate with a high Acid Gas removal

rate, with low sulfur dioxide emissions to reduce environmental impact when it

begins to generate electricity in 2022.

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK: 2727, SSE: 601727) is principally engaged

in the design, manufacture and sale of power equipment and industrial equipment. It focuses

on new energy business, including the manufacture and sale of wind turbine and components

as well as nuclear power equipment; clean energy business, including the manufacture and

sale of thermal power equipment, power transmission and distribution equipment; industrial

equipment, including the production and sale of elevators and electric motors; and modern

service industry, including the contracting of construction of power generation plants,

power transmission and distribution projects as well as other businesses.

Logo - https://photos.prnasia.com/prnh/20200229/2734017-1-b

SOURCE: Shanghai Electric

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   Caption: Effect map of the Thar Coal Mine-Power Project in Pakistan

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   Caption: Shanghai Electric Logo