Dawood Lawrencepur’s board of directors have approved the renewal of subordinated loan facility of up to Rs 300 million to its subsidiary, Tenaga Generasi Limited (TGL), for a period of up to three years.
The notification said the board had “also approved the disposal of ‘Lawrencepur’ brand of the Company subject to shareholders’ approval in terms of Section 183(3) of the Companies Act, 2017 in the Annual General Meeting of the Company scheduled to be held on April 25, 2018.”
Dawood Lawrencepur Limited engages in the trading and marketing of renewable energy solutions, primarily solar for commercial and industrial consumers in Pakistan. It also engages in the production of power using wind energy; and alternate energy business.
The company’s subsidiaries include Tenaga Generasi Limited (TGL) and Reon Energy Limited (REL).
Tenaga Generasi Limited (TGL), a Malaysian company, was incorporated in Pakistan in 2004 to set up a 50MW Wind Power Plant. The company was allocated 1200 acres of inter-tidal land for the plant in KhutiKun area, District Gharo, Sindh.
In January 2008, the company decided to exit Pakistan and TGL was acquired by Dawood Lawrencepur Limited(DLL). TGL is now a subsidiary of Dawood Lawrencepur Limited (DLL).
The current development plan envisages a 50MW wind farm in the first phase, which will then be increased to 100MW.