About $27 million in interest during construction
pushes the total to $192 million.
The project will be executed at an estimated cost of Rs 5,748.04 crore, which includes bid amount of Rs 907 crore for acquisition of LTHPL and estimated cost of balance work of Rs 3,863.95 crore with Interest During Construction
(IDC) and Foreign Component (FC) of Rs 977.09 crore.
'This cost will include all project costs, including but not limited to Work Package Contracts (WPC), land acquisition, project management, consultancy fees, operational and overhead costs, as well as interest during construction
,' he said in a statement.
Financial metrics have been strong, reflecting rate increases that began in fiscal 2013 in anticipation of a large debt issuance for TBGS and to finance the accrued interest during construction
. Debt service coverage of senior and junior lien debt was 2.6x in fiscal 2015 and 2.3x after the transfer to the general fund.
"The revised total cost of the Neelum Jhelum project without interest during construction
is $2583.43million and the total financing from local source and total requirement from local source is $1291.71million each," the retired general added.
3863.95 crore withincludes Interest During Construction
(IDC)and Foreign Component (FC) of Rs.
The negative carry will be properly mitigated by the upfront funding of a trust account that will be used to cover expenses including transaction fees and interest during construction