Hubco raises CPHGC stake to 47.5pc

KARACHI: Hub Power Holdings Limited, a wholly-owned subsidiary of Hubco, has increased its shareholding in China Power Hub Generation Company (CPHGC) to 47.5 percent from 26 percent, a bourse filing said on Friday.

China Power International Holding Limited owns the remaining 52.5 percent stake in the $2 billion project.

The project of China Power Hub Generation Company is located in Hub, Balochistan. The total investment in the project that includes 2×660MW imported coal-fired power plant and dedicated jetty is approximately $2 billion.

CPHGC commissioned the 1,320MW coal-fired plant last month. The CPHGC is a joint venture between the Hub Power Company (Hubco) and China Power International Holding (CPIH) and a part of early harvest energy projects under the CPEC framework agreement.

The government had approved the processing of 1,320MW imported coal-based power project at Hub in November 2014 and the joint venture of Hubco and CPIH was issued letter of intent in June 2015. The National Electric Power Regulatory Authority (NEPRA) had approved the upfront tariff for the power project in February 2016.