KARACHI: The Hub Power Company Limited (HUBCO), Pakistan’s largest independent power producer (IPP), has announced the formal completion of its two China-Pakistan Economic Corridor (CPEC)-linked Thar coal power projects — Thar Energy Limited (TEL) and ThalNova Power Thar (Private) Limited (TN) — marking a major milestone in the country’s energy development journey.
In a notification to the Pakistan Stock Exchange (PSX) on Monday, HUBCO confirmed that lenders of both projects had declared the Project Completion Date (PCD) for the two 2x330MW mine-mouth coal-fired plants on October 31, 2025.
According to the company, TEL and ThalNova achieved their Commercial Operations Date (COD) on October 1, 2022, and February 17, 2023, respectively. Both projects are located at Thar Block II, Sindh, adjacent to the Thar Coal Mine. HUBCO holds a 60% share in TEL and, through its wholly owned subsidiary Hub Power Holdings Limited (HPHL), owns 38.3% shares in ThalNova.
“Both TEL and TN are recognized as priority projects under the China-Pakistan Economic Corridor (CPEC),” HUBCO stated in its PSX filing. “The declaration of PCD for both projects is a monumental achievement, paving the way for the companies to distribute dividends to shareholders — subject to available profits and completion of regulatory formalities.”
HUBCO noted that the successful completion of these projects reaffirms its commitment to shareholder value and Pakistan’s energy security, highlighting the strategic importance of Thar’s indigenous coal resources in reducing reliance on imported fuels.
Earlier in August, HUBCO’s board approved financial guarantees worth up to $51 million to support the two Thar projects — including standby letters of credit of $31 million for TEL and $20 million for ThalNova — to address potential funding shortfalls through equity or subordinated debt.
The company emphasized that with the completion of these CPEC-linked ventures, HUBCO continues to play a pivotal role in advancing Pakistan’s energy independence, while delivering sustainable returns to its investors.
