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January 27, 2018
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Power project of 1,320MW achieves financial close

Business

January 27, 2018

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Karachi: China Power Hub Generation Company (CPHGC) achieved the financial close for its two billion dollars worth of coal power project with 1,320 megawatts of production capacity and a jetty.

“The financial close of the CPHGC, a project of the China Pakistan Economic Corridor (CPEC) has been achieved,” a statement said on Friday.

“The requisite final notification by the government of Pakistan was issued for financial close for the $2 billion CPHGC project 2x660 imported coal powered plants and a dedicated coal jetty at Hub, Lasbella.”

CPHGC is a joint venture vehicle between state-owned China Power International Holding that owns 74 percent shareholding and Hubco, Pakistan’s largest independent power producer with an ownership of 26 percent stake.

CPHGC is one of the largest CPEC projects in Pakistan.

Located in Hub, Balochistan – 45 kilometres northwest of Karachi, the power project will provide nine billion kilowatt-hours of electricity to the energy grid every year during commercial operations, which will meet the electricity needs of four million households in Pakistan.

The coal power project is expected to start operation in August 2019.

“This is the biggest and the most important milestone of our project which will pave the way for many future successes,” Zhao Yonggang, chief executive officer of China Power Hub Generation Company (Pvt.) Limited said in the statement.

“By meeting the financial close, we have accomplished all the requirements of the government of Pakistan and the international consortium of banks for issuance of project financing by the international lenders.”

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