It was active until October 2024, when Lalpir prematurely terminated its energy purchase agreement with the government of Pakistan amid concerns about coercion and threats of corruption cases against IPP owners if they sought international arbitration.

[8] Lal Pir power complex was established by the AES Corporation in 1994 and consists of a single residual fuel-oil boiler and a steam turbine generator.

[9] In 2010, Lalpir Power was acquired by a consortium led by the Nishat Group at a price of PKR 14.9 per share.

[12] In 2013, Lalpir Power was listed on the Karachi Stock Exchange following an initial public offering at a strike price of PKR 22 per share.

Nichimen Company of Japan was awarded the turnkey contract, and Mitsubishi Heavy Industries (MHI) supplied the major equipment.

[15] In 2011, Pakgen Power Limited, also known as Lal Pir-2, was listed on the Karachi Stock Exchange following an initial public offering at a strike price of PKR 19 per share.