Atlas Power Limited

What Atlas Power Limited does

Atlas Power Limited is a Pakistani Independent Power Producer (IPP) that operates a single 225MW gross (213.856MW net) combined cycle power generation facility located at 26-27 KM Lahore-Sheikhupura Road, Sheikhupura, Punjab, Pakistan. Established in 2007 as a joint venture between Atlas Group (a diversified Pakistani conglomerate) and MAN Diesel & Turbo Germany, the company commenced commercial operations on December 18, 2009. The plant comprises eleven four-stroke diesel engines (Type 18V48/60) manufactured by MAN Diesel SE, Germany and one steam turbine, with Residual Fuel Oil as the primary fuel and technical capability for conversion to dual-fuel operation on natural gas or bio-fuels. The facility was constructed at a total project cost of Pak Rs. 21 Billion under Pakistan's 2002 Power Policy and required 74+ statutory consents during construction.

The business model is anchored by a 25-year Power Purchase Agreement (PPA) with National Transmission & Dispatch Company Limited (NTDCL), the sole off-taker. Revenue is generated through the sale of electricity to the national grid on a contractually recurring basis, with tariff terms governed by the PPA rather than market pricing. The company holds a generation license granted by NEPRA in May 2007 and operates under approvals covering environmental impact, petroleum storage, factory stability, boilers and pressure vessels, electricity-act sanctions, and statutory notifications for taxation and imports. It is structured as a public unlisted company, with shares not traded on any stock exchange.

The management committee is led by CEO Mr. Razi-ur-Rahman and CFO Mr. Adnan Munir, with Mr. Frahim Ali Khan serving as Chairman of the Board and the Audit Committee. The broader board comprises Directors Mr. Saquib H. Shirazi, Mr. Jawaid Iqbal Ahmed, Mr. Bashir Makki, and Mr. Fouad Farrukh. Atlas Power carries a PACRA credit rating of AA- (long term) and A1+ (short term) assigned in April 2019, indicating strong creditworthiness. The company has no disclosed revenue figure, no digital products, and no mobile or web applications; its distribution is exclusively through the national grid under the NTDCL PPA.

Name

Atlas Power Limited

Legal name

Atlas Power Limited

Website

https://apl.atlas.pk

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Atlas Power Limited is a Pakistani Independent Power Producer operating a 225MW RFO-fired combined cycle plant in Sheikhupura, supplying electricity to the national grid under a 25-year PPA with NTDCL as a joint venture between Atlas Group and MAN Diesel & Turbo Germany.

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

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

akta.pro secondary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

Keywords

• Power generation services
• Independent power producer
• Combined cycle power plant
• Electricity generation Pakistan
• RFO diesel generation

Headquarters

HQ city

Sheikhupura

HQ country

Pakistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations

Revenue model

1. Power Generation and Sale: Revenue generated through sale of electricity to the National Transmission & Dispatch Company Limited (NTDCL) under a 25-year Power Purchase Agreement. The company operates as an Independent Power Producer (IPP) under Pakistan's 2002 Power Policy.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Atlas Power Limited operates a 225MW gross (213.856MW net) RFO-based combined cycle power generation plant located in Sheikhupura, Punjab, Pakistan. The facility consists of 11 MAN Diesel four-stroke engines (Type 18V48/60) and one steam turbine, and sells electricity exclusively to the National Transmission & Dispatch Company Limited (NTDCL) under a 25-year Power Purchase Agreement as an Independent Power Producer under Pakistan's 2002 Power Policy.

Product overview

Atlas Power Limited operates a single power generation plant with a gross capacity of 225MW. The facility is a joint venture between Atlas Group and MAN Diesel & Turbo Germany, established in 2007 as an Independent Power Producer under Pakistan's 2002 Power Policy. The plant consists of 11 RFO-fired diesel engines and 1 steam turbine, operating under a 25-year Power Purchase Agreement with National Transmission & Dispatch Company Limited. Commercial operations commenced on December 18, 2009. The company holds generation license from NEPRA and operates within regulatory framework of SECP.

Differentiator

Problem solved

Functional benefit

Products and services

• 225MW Combined Cycle Power Generation Plant A 225MW gross / 213.856MW net combined cycle power generation facility in Sheikhupura, Pakistan, comprising 11 RFO-fired four-stroke diesel engines (Type 18V48/60) manufactured by MAN Diesel SE and one steam turbine. Electricity is supplied to NTDCL under a 25-year Power Purchase Agreement. Engines are convertible from residual fuel oil base-load operation to dual-fuel operation using gas and bio-fuels.

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

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Atlas GroupcoreStrategic or Co-development PartnerParent company and joint venture partner. Atlas Power Limited is a joint venture between Atlas Group and MAN Diesel & Turbo Germany. Atlas Group is a leading Pakistani conglomerate with interests in engineering, finance, energy, and trading.
• MAN Diesel & Turbo GermanycoreTechnology or IntegrationJoint venture partner and equipment manufacturer. MAN Diesel SE (now MAN Diesel & Turbo) manufactured the 11 four-stroke diesel engines (Type 18V48/60) for Atlas Power's 225MW plant located in Sheikhupura.
• National Transmission & Dispatch Company Limited (NTDCL)coreStrategic or Co-development PartnerOff-taker of electricity under a 25-year Power Purchase Agreement. NTDCL is the sole buyer of power generated by Atlas Power Limited.
• EY Ford Rhodes Chartered AccountantsminorOthersExternal auditors of the company based in Lahore.
• Mohsin Tayebaly & Co.minorOthersLegal advisors to Atlas Power Limited.
• Overseas Investors Chamber of Commerce & IndustryminorOthersIndustry chamber membership providing networking and advocacy.
• Pakistan German Business ForumminorOthersBilateral business forum supporting German-Pakistani trade relations, relevant given MAN Diesel partnership.
• Lahore Chamber of Commerce & IndustryminorOthersLocal chamber membership for business networking in Lahore region.
• Independent Power Producers Advisory CouncilminorOthersAdvisory council for IPPs in Pakistan's power sector.

Scale indicators4 records

Recent moves6 records

Expansion highlights2 records

Direct peers

• Nishat Power Limited: A listed Pakistani IPP operating a gas-fired combined cycle plant supplying the national grid under a long-term PPA. Direct comparator on structure, geography, and PPA-based offtake with national grid.
• Saif Power Limited: A Pakistani IPP operating a gas-fired combined cycle plant under PPA with NTDC. Comparable to Atlas Power in asset type, revenue model (PPA with NTDCL), and Pakistani IPP regulatory framework.
• Engro Powergen Thar (Private) Limited: A Pakistani mine-mouth coal IPP under long-term PPA with NTDC, part of the Engro conglomerate. Comparable to Atlas Power as a 2002/2015-era IPP supplying the national grid and operating under similar regulatory structures.
• Kot Addu Power Company (KAPCO): A listed Pakistani IPP operating a multi-fuel (gas/RLF/HSD) power complex in Punjab under PPA arrangements with the national grid. Comparable to Atlas Power on fuel-mix flexibility, geography (Punjab), and PPA-based revenue model.
• Laraib Energy Limited: A Pakistani renewable (hydro) IPP supplying the national grid under a long-term PPA with NTDC. Comparable to Atlas Power on the IPP-to-NTDC PPA structure and 2002 Power Policy framework, even though the fuel type differs.
• Hub Power Company (HUBCO): The largest IPP in Pakistan, listed on the PSX, operating multiple fossil-fuel and coal-fired plants supplying the national grid under PPAs with NTDC. Directly comparable to Atlas Power as a Pakistani IPP selling wholesale electricity to the grid under long-term PPA structures.
• Orient Power Company (Pvt.) Limited: A Pakistani IPP operating a gas-fired power plant supplying the national grid under PPA. Direct peer to Atlas Power as a 2002 Power Policy-era IPP selling to NTDCL/NTDC.
• Rousch (Pakistan) Power Limited: A Pakistani IPP operating a gas-fired combined cycle facility under PPA with NTDC. Comparable to Atlas Power on IPP structure, fuel-flexible (gas/RFO) generation, and single-offtake model serving the national grid.

Broad incumbents

• K-Electric Limited: Pakistan's vertically integrated private power utility (generation, transmission, distribution, and retail) serving Karachi and surrounding areas. Comparable to Atlas Power as a major private-sector power participant in Pakistan but operates a much broader portfolio beyond IPP generation.
• ACWA Power Company: A large Middle East/emerging-market IPP developer and operator listed in Saudi Arabia, with global PPA-based generation assets. Compares to Atlas Power as an IPP-developer with long-term offtake structures but operates at substantially larger scale and across multiple geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/apl-atlaspower

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

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 Atlas Power Limited