HUBCO says CPHGC’s 2x660MW power plant declared ‘project complete’

HUBCO announced that the China Power Hub Generation Company (CPHGC) 2×660 MW power plant has achieved its commercial operations date (COD) and has been declared \’Project Complete\’ by CPHGC\’s lenders. CPHGC is a joint venture between HUBCO and China Power International Holdings Limited, and is recognised as one of the priority projects under the China Pakistan Economic Corridor. This declaration of PCD releases HUBCO from its obligation to maintain a $150 million standby letter of credit, and enables CPHGC to pay dividends to its shareholders. Last year, CPHGC sought Rs167 billion from the government to procure coal for five months from South Africa. The successful completion of PCD demonstrates HUBCO’s commitment to protect the interests of its shareholders.

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