China Power Hub Generation Company (Private) Limited’s (CPHGC) 2×660 MW power plant has been declared “Project Complete” by CPHGC’s lenders on 23 February 2023 (project completion date or PCD).
In a notice issued to the Pakistan Stock Exchange (PSX), The Hub Power Company Limited said that CPHGC was formed in September 2015 by the Hub Power Company (Hubco) and its Chinese partner, China Power International Holdings Limited to develop, construct and operate a 2×660 MW coal fired power plant at the Hub Plant Site in Balochistan.
The project successfully achieved its Commercial Operations Date (COD) effective August, 2019. Hubco through its wholly owned subsidiary, Hub Power Holdings Limited owns 47.5 percent of the shares of CPHGC. The project is recognized as one of the priority projects under the China Pakistan Economic Corridor, the notice said.
It further said that the declaration of PCD is a monumental occasion for Hubco as it releases the company from its obligation to maintain a $ 150 million standby letter of credit. This will also enable CPHGC to pay dividend to its shareholders subject to availability of distributable profits, the notice added.