HUBCO: Growth throught Energy
 
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Hub Power Plant

The Hub power station was one of the first and largest Independent Power Producer (IPP) in Pakistan to be financed by the private sector in Southern Asia and one of the largest private power projects in the newly industrialized world.

Financial closure took place in January 1995, two years after the sponsors of the project had decided to raise mobilization finance and to begin construction to meet the policy guidelines of the Government of Pakistan for additional electricity to be provided by private investment. The station achieved COD on 31 March 1997.

The Hub power station was the first project to be successfully co-financed by several governments, the World Bank as well as international private sector lenders and investors. It set the standard for the formulation of a private power framework in Pakistan which has elicited numerous responses from international investors. Several medium sized projects have since completed their financing, construction and now are in operation.

Today, the Hub Power Company is listed on the Karachi, Lahore and Islamabad Stock Exchanges and its Global Depository Receipts are listed on the Luxembourg Stock Exchange. It has over thirteen thousand (13,000) Pakistani and International shareholders.

We are First

  • Major infrastructure project in a developing country.
  • International equity offering and underwriting for a developing country -under construction infrastructure project.
  • Private sector infrastructure project.
  • World Bank financed Infrastructure Project – 1985.
  • Stock market floatation of a single power station under construction (380 million US$).

In 2003 the Board of Hubco decided to do more energy related investments that would add value to its shareholders. With this vision the tag line of Hubco was changed to “Growth through energy” in 2006 and the Board decided to participate in GOP’s program for Fast Track Project. Narowal was identified as Project site. The Board approved the 225 MW capacity Narowal Power Plant in 2007 at an estimated cost of Rs. 24.276 bn.

Narowal Power Plant

Construction work began in 2008 and completed in 2010. The plant achieved its COD on 22 April 2011.The plant entered into an Equipment Supply Contract (ESC) with MAN Diesel & Turbo, Germany and Construction Contract (CC) with MAN Diesel Pakistan (Pvt) Ltd in April 2008 collectively called Engineering, Procurement and Construction (EPC) Contract.

The Owners Engineers were Mott MacDonald, Ireland.The O&M Contractor are TNB Remaco Pakistan (Pvt) Ltd a subsidiary of TNB Repair and Maintenance Sdn. Bhd, Malaysia. Narowal is a combine cycle power plant with net output of 214 MW. It consists of 11 diesel engines of 18 MW net output each plus a steam turbine of 16 MW. The fuel used is High Sulphur Furnace Oil (HSFO) supplied by Bakri Trading Company Pakistan (Pvt) Ltd.

Laraib Energy Ltd

Continuing with its strategy of “growth through energy” the Board in 2008 decided to acquire 75% stake in Laraib Energy Ltd, a company setting up 84 MW capacity run of the river Hydel power plant on New Bong Escape 8 km downstream of Mangla Dam. With this project achieving its COD by June 2013 Hubco will become the first hydropower IPP in Pakistan. More details on Laraib Energy Ltd can be found on http://www.laraibenergy.com