Saif Power
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.
- Company typePublic
- Founded2004
- HeadquartersIslamabad, Pakistan
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
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.
Saif Power firmographics
Firmographics- 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
Saif Power industry classification
Industry- 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
Where Saif Power is headquartered
LocationHeadquarters
- HQ city
- Islamabad
- HQ country
- Pakistan
- HQ region
- Asia
Offices2 records
Markets served
Saif Power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D
Revenue model
- 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.
- 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
Saif Power product offering
Product offeringCore 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
Companies that use Saif Power
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Saif Power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Saif Power partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Central Power Purchasing Agency (Guarantee) Limited (CPPA-G)coreSPL 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
Saif Power competitors and assessment
Company assessmentDirect 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
Saif Power social profiles
Digital presenceSaif Power compliance and trust
Trust signalCompliance2 records
Saif Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Saif Power leadership team
Management profileNumber of profiles
Profiles1 record
Saif Power funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Saif Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Saif Power
What does Saif Power do?
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.
Is Saif Power a public or private company?
Saif Power is a public company. It is classified as public and is currently operating.
When was Saif Power founded?
Saif Power was founded in 2004. It employs 5,001 to 10,000 people.
Where is Saif Power based?
Saif Power is headquartered in Islamabad, Pakistan, in the Asia region.
How does Saif Power make money?
Two revenue lines are on record. Electricity Sales are the primary driver. The others are power Generation Capacity.
Who are Saif Power's main competitors?
Direct peers on record are The Hub Power Company, Kot Addu Power Company (KAPCO), Nishat Power Limited, Lalpir Power Limited, Pakgen Power Limited, Engro Powergen Thar (Private) Limited and Altern Energy Limited. K-Electric is listed as a broad incumbent. Others are GE Vernova and Siemens Energy.
Does Saif Power have an API?
No public API is recorded for Saif Power.
What industry is Saif Power in?
Saif Power's product category is Independent Power Generation. Its primary akta.pro industry code is EUACABAI, Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield). Its NAICS code is 22111.