HUBCO 330MW ThalNova Power Thar Private Limited achieves financial close

HUBCO 330MW ThalNova Power Thar Private Limited achieves financial close

Karachi, October 1, 2020: The Government of Pakistan has notified the achievement of Financial Closing by ThalNova Power Thar Private Limited (TNPTL), an associated company of Pakistan’s largest Independent Power Producer, The Hub Power Company Limited (Hubco) at a ceremony chaired by Mr. Shah Jahan Mirza, Managing Director Private Power & Infrastructure Board (PPIB) in Islamabad. TNPTL has been incorporated to set up a 330MW mine-mouth lignite-fired power plant, one of the first power projects to utilize the local lignite at Thar Coal Block II for power generation and is joined by a consortium comprising of Thal Limited (a flagship company of HOH), Novatex Limited, China Machinery Engineering Corporation and Descon Engineering Limited.

“We have engaged China Development Bank (CDB) for the foreign financing from China and Habib Bank Limited as the lead arranger for the financing in Pakistan. We hope the Project would be completed within the allocated cost and time, with strong support of the sponsors” said Mr. Saleemullah Memon, CEO TNPTL.

Mr. Khalid Mansoor, CEO HUBCO said “Being a domestic source of energy fuel, TNTPL would fortify the energy security of the country. The Project would be amongst the first few of power plants utilizing Thar Coal and would bring about substantial savings in foreign exchange of the Country.”

With the aim of Fueling lives through Energy, The Hub Power Company Limited has an installed capacity of producing over 2920MW through its four plants in Hub, Narowal and Azad Kashmir. The Company is the only power producer in Pakistan with four projects listed in the CPEC, namely imported coal-based China Power Hub Generation Company (Private) Limited (CPHGC) at Hub, Thar Energy Limited (TEL) and Thalnova Power Thar (Pvt.) Ltd. and Sindh Engro Coal Mining Company (SECMC) at Thar Coal Block II.