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| HUBCO to set up hydropower project |
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Tuesday, August 05, 2008
By our correspondent
KARACHI: Hub Power Company Limited (HUBCO) on Monday announced that it has acquired 75 per cent controlling interest in Laraib Energy Limited (LARAIB) and will be setting up country’s first hydropower project by an independent power producer (IPP).
The project is an 84mw, run of the river hydropower generating complex being set up about eight km downstream of Mangla Dam, HUBCO said in a notice issued to Karachi Stock Exchange.
Javed Mahmood, the Chief Executive of HUBCO said that acquisition of the 84mw renewable energy project goes further to demonstrate HUBCO’s commitment to safer environment. Implementation of the project will also contribute towards Clean Development Mechanism (CDM) under the Kyoto Protocol, he added.
The Laraib project has been under progress for a long time and HUBCO has now acquired it with the objective of doing everything necessary to ensure its timely completion. HUBCO plans to commence construction activity before the end of the year.
The electricity to be generated from this renewable energy project will be supplied to the National Transmission and Dispatch Company Limited (NTDC).
Speaking about HUBCO’s continuing investment in the energy sector, Mahmood pointed out that hydropower project clearly demonstrated HUBCO’s commitment to Pakistan in spite of the fact that tens of billions of rupees is owed to HUBCO as payment for electricity it supplies to WAPDA.
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ISSN 1563-9479 
