Saif Power

What Saif Power does

Saif Power Limited is a Pakistan-based independent power producer (IPP) that operates a 225 MW combined cycle thermal power plant located in Sahiwal District, Punjab. The company was incorporated in 2004 and commenced commercial operations on April 30, 2010, under a 30-year Power Purchase Agreement (PPA) executed under the Government of Pakistan's Power Policy 2002 on a Build-Own-Operate (BOO) basis. The plant is configured with two GE France gas turbines and one Siemens Sweden steam turbine, generating electricity that is sold exclusively to the National Transmission and Despatch Company (NTDC) under the Central Power Purchasing Agency Guarantee (CPPA-G). The company listed on the Pakistan Stock Exchange on December 14, 2014 under the ticker SPWL and remains majority-controlled by Saif Holdings Limited, which holds a 51.04% shareholding.

The company's revenue model is fundamentally a single-customer, regulated-tariff structure: capacity payments and energy payments are invoiced to a sovereign off-taker, with no diversification across buyer segments or export channels. As of 2025, the business is facing significant working-capital stress, evidenced by a February 2025 amendment agreement under which Saif Power waived Rs1.36 billion in accumulated delay payment interest to secure a stable ongoing payment regime, and an outstanding Rs460 million sales tax refund pending since 2010 that the company is actively pursuing through CPPA-G and the Federal Board of Revenue (FBR). With no additional capacity phases, geographic expansion, or new product lines evident, the company's near-term trajectory is governed by regulatory enforcement of the existing PPA and release of withheld refunds.

Strategically, Saif Power is a single-asset, single-cash-flow-stream entity. Its investment case is tied to (i) the operational reliability of the 225 MW plant, (ii) the credit quality of the NTDC/CPPA-G payment stream, and (iii) the resolution of the legacy tax refund. There is no broader group-level expansion or vertical integration indicated in the input data specific to Saif Power Limited, despite Saif Holdings' diversified footprint.

Name

Saif Power

Legal name

Saif Power Limited

Website

http://www.saifgroup.com/power.php

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Saif Power Limited is a Pakistan-based independent power producer operating a 225 MW combined cycle thermal power plant in Sahiwal, Punjab, selling electricity exclusively to the National Transmission and Despatch Company (NTDC) under a government-backed PPA.

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

Electric Power Generation (22111)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

Keywords

• Independent power producer
• Combined cycle power
• Electricity generation
• Thermal power plant
• Power purchase agreement

Headquarters

HQ city

Islamabad

HQ country

Pakistan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Electricity Sales: SPL generates and sells electricity from its 225 MW combined cycle power plant in Sahiwal District, Punjab, Pakistan to the National Transmission and Despatch Company (NTDC). Revenue is generated through long-term power purchase agreements under the Government of Pakistan Power Policy 2002. The company faces financial pressures due to a one-time waiver of delay payment interest amounting to Rs1.36 billion as per the February 28, 2025 amendment agreement.
2. Power Generation Capacity: Independent Power Producer (IPP) operating on Build, Own and Operate basis with nameplate capacity of 225 MW (ISO) in district Sahiwal, Punjab.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Saif Power Limited owns and operates a 225 MW (ISO) combined cycle thermal power plant located in Sahiwal District, Punjab, Pakistan. The plant consists of two GE France Gas Turbines (6 FA 03) and one Siemens Sweden Steam Turbine, and the company sells its entire electricity output to the National Transmission and Despatch Company (NTDC) under a long-term Power Purchase Agreement governed by the Government of Pakistan Power Policy 2002.

Product overview

Saif Power Limited (SPL) is an independent power producer that owns and operates a 225 MW combined cycle thermal power plant in Sahiwal, Punjab, Pakistan. The plant utilizes Gas Turbines from GE Franc and Steam Turbine from Siemens Sweden. SPL sells electricity to the National Transmission and Despatch Company (NTDC). The company was incorporated in November 2004, listed on Pakistan Stock Exchange in December 2014, and is a subsidiary of Saif Holdings Limited with 51.04% shareholding. SPL commenced operations on April 30, 2010.

Differentiator

Problem solved

Functional benefit

Products and services

• Saif Power 225 MW Combined Cycle Power Plant Combined cycle thermal power generation facility with nameplate capacity of 225 MW (ISO), supplying electricity exclusively to NTDC under a long-term Power Purchase Agreement for distribution to the national grid.
• Bulk Electricity Supply to National Grid Wholesale electricity supply from the Sahiwal plant delivered to the National Transmission and Despatch Company (NTDC) for integration into Pakistan's national grid, billed under the Government of Pakistan Power Policy 2002 framework.

Quantifiable outcome

• Combined cycle efficiency is nearly the highest in Pakistan within such capacity

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Central Power Purchasing Agency (Guarantee) Limited (CPPA-G)coreOthers · 28 February 2025SPL has sought support from CPPA-G for the release of its pending sales tax refund from the Federal Board of Revenue (FBR). Refunds have not been received since 2010. SPL applied for Rs460 million refund in July 2025 without any action taken.

Scale indicators4 records

Recent moves4 records

Expansion highlights2 records

Direct peers

• The Hub Power Company: Hub Power is Pakistan's largest IPP by capacity, listed on PSX, operating a mix of oil, coal and gas-fired plants under similar government PPAs. It is the most directly comparable listed IPP to Saif Power in terms of business model, regulatory framework, and NTDC offtake.
• Kot Addu Power Company (KAPCO): KAPCO operates a multi-fuel (gas/RLNG/RFO) thermal power plant in Pakistan under a long-term PPA with NTDC/Central Power Purchasing Agency. It is a directly comparable IPP with similar exposure to circular-debt and Power Policy dynamics.
• Nishat Power Limited: Nishat Power is a PSX-listed IPP operating a gas-fired combined cycle plant in Punjab selling electricity to NTDC. Closely comparable in technology, geography, and customer/offtake structure to Saif Power.
• Lalpir Power Limited: Lalpir Power operates an oil/gas-fired thermal plant in Pakistan under a long-term PPA with NTDC. Comparable to Saif Power as a PSX-listed IPP serving the national grid under the same 1994/2002 policy regime.
• Pakgen Power Limited: Pakgen Power operates an RFO/gas-fired thermal IPP in Pakistan under a long-term PPA with NTDC. Directly comparable to Saif Power in business model, capacity scale, and circular-debt exposure.
• Engro Powergen Thar (Private) Limited: Engro Powergen Thar operates Pakistan's first indigenous coal-fired IPP under a long-term PPA with CPPA-G/NTDC. Comparable as a Pakistan IPP with government offtake, though coal-based versus Saif's gas combined cycle.
• Altern Energy Limited: Altern Energy operates gas-fired and wind power IPPs in Pakistan under long-term PPAs with NTDC/CPPA-G. Directly comparable as a small-to-mid scale Pakistani IPP serving the national grid.

Broad incumbents

• K-Electric: K-Electric is a vertically integrated power utility in Karachi with its own generation, transmission, and distribution. Broader incumbent overlap with the Pakistan power sector, though operating a different scope (utility) versus Saif's pure-play IPP model.

Others

• GE Vernova: GE Vernova is the manufacturer of the GE France gas turbines that Saif Power operates. Relevant as a technology/OEM peer for benchmarking efficiency, spare parts, and repowering options.
• Siemens Energy: Siemens Energy is the manufacturer of the Siemens Sweden steam turbine in Saif's combined cycle plant. Relevant as an OEM peer for service contracts, upgrades, and future repowering decisions.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/saif_group_com
• Facebookfacebook.com/saifgroup.official
• LinkedInlinkedin.com/company/saifgroup
• Instagraminstagram.com/saifgroup.official

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saif Power