CPHGC Assigned Long-Term AA Rating
Karachi, 7 January 2020: China Power Hub Generation Company (Pvt.) Ltd (CPHGC) has been assigned a long-term AA rating by the Pakistan Credit Rating Agency Limited. The 1320MW, USD 2 billion power project under the China Pakistan Economic Corridor developed in Lasbella, Balochistan has also been given a short-term A1+ rating and a stable outlook.
China Power Hub Generation Company (Pvt.) Limited, is a joint venture company between China Power International Holding Limited (CPIHL) of China and the Hub Power Company (HUBCO) of Pakistan.
The rating encompasses the strong business profile, timely commissioning of the plant achieved on 17 August, 2019 within the approved tariff limit and commencement of billing/receipts mechanism. CPHGC’s both units have been successfully connected and are providing electricity to the national grid. The company has successfully provided 153GWh of electricity to the grid from COD till end-Oct 2019.
Speaking at the occasion, Mr. Zhao Yonggang, CEO of CPHGC, congratulated the company’s hardworking employees on successfully achieving the AA rating. “We have achieved and delivered all that we promised to the government, made possible only through the hard work and dedication of both the Chinese and the Pakistani employees of CPHGC.”
Additionally, China Power Hub Generation Company (Pvt.) Ltd has an actively running CSR program through which it has contributed Rs. 124 Million in the shape of taking sustainable initiatives in the area of Lasbella, Balochistan. As a result, the company has managed to improve the lives of people benefiting from the initiatives. These include the Floating Fishermen Jetty at Allana Goth; an under-construction TCF school in Gaddani; the Clean Hub City program; training of local students and provided them with employment at the Plant; providing relief supplies for the flood-stricken people of District Lasbella.
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