HUBCO Marks Major Success with TEL and TN Power Plants
The Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), has officially announced the completion of its Thar-based power projects, Thar Energy Limited (TEL) and ThalNova Power Thar (Private) Limited (TN). Both 2x330MW coal-fired, mine-mouth plants achieved their Project Completion Date (PCD) on October 31, 2025, according to HUBCO’s notice to the Pakistan Stock Exchange (PSX).
P.c. China Pakistan Economic Corridor
TEL and TN are strategically located at Thar Block II, Sindh, and both plants previously reached their Commercial Operations Dates on October 1, 2022, and February 17, 2023, respectively. TEL is 60% owned by HUBCO, while TN is partially held at 38.3% through its wholly owned subsidiary, Hub Power Holdings Limited (HPHL).
Recognised as priority projects under the China-Pakistan Economic Corridor (CPEC), TEL and TN are now set to enhance Pakistan’s energy infrastructure significantly. With the declaration of PCD, the plants will be eligible to distribute dividends to shareholders, subject to available profits and necessary approvals.
HUBCO emphasised that this milestone demonstrates its commitment to protect shareholder interests and deliver maximum value. In August, the company had also sanctioned financial guarantees of up to $51 million—$31 million for TEL and $20 million for TN—through standby letters of credit to address potential funding gaps via equity or subordinated debt.
The achievement of PCD not only strengthens HUBCO’s position as a leading IPP but also underscores the strategic importance of Thar coal-fired plants in meeting Pakistan’s growing energy needs.