10th November 2017: The Implementation Agreement
(IA) and Supplemental Implementation Agreement (SIA) of 330 MW Thar Coal
based Power Project by M/s Hub Power Company Limited (HUBCO) signed today at
Private Power and Infrastructure Board for materializing the financing of
around 500 Million US$ as Project cost. The documents have been
executed by Mr. Shah Jahan Mirza, Managing Director PPIB and Ms. Fatima
Maryam, Chief Financial Officer of HUBCO. The officials from Government of
Pakistan (GoP), Private Power and Infrastructure Board (PPIB) and
representatives of HUBCO and Project Company i.e. M/s Thar Energy Limited
(TEL) witnessed the signings.
This project is being developed at
Thar Block-II, and will utilize indigenous Thar Coal for power generation.
Letter of Support has been issued to the project by PPIB and currently it is
at advanced stages of achieving Financial Closure. In order to ensure timely
completion of Project, the Sponsors have started construction activities
prior to achieving Financial Close. The development pace on the project is
satisfactory, hence it is anticipated that the project is likely to start
generation by end 2020.
This project is among the lot of 12
coal and hydro power projects of around 11000 MW being facilitated by the
PPIB under the framework of China-Pakistan Economic Corridor (CPEC). A new +
660kV HVDC transmission line under CPEC is also being implemented by PPIB to
evacuate electricity from new power generation units in the south and to
transmit it to the load centres up north.
Mr. Shah Jahan Mirza, Managing
Director PPIB stated that this latest development reaffirms GoP's
commitment of making country self reliant in power generation and free of
load-shedding. He said the exploration of Thar Coal is opening a new chapter
in the energy history of Pakistan and this dream has been realized through
CPEC arrangement. CPEC is a real game changer in the field of energy because
the prioritization of energy projects as part of the CPEC investments have
enhanced the confidence of stakeholders in Pakistan's
energy sufficiency. CPEC is covering the entire power sector value chain
from fuel extraction (mining) to power generation and to end-user
distribution. The development of these projects will be instrumental in
generating economic activities as well as employment opportunities for the
people of the area in particular and will also entail improvement of the
basic infrastructure in the vicinity of these projects.