Laraib Energy Ltd
Laraib Energy Limited (Laraib), Hubco’s 75% owned subsidiary is the first independent power producer of Pakistan. It is an environmentally friendly run of the river hydropower project in Azad Jammu & Kashmir (AJ&K). The 84 MW New Bong Hydro Power Project is about 8 kms downstream of the 1,000 MW Mangla Dam in the AJ&K. The Project achieved commercial operations on 23rd March 2013. The required commercial operation date under the Power Purchase Agreement (PPA) was 1st June 2013.
Key Concession Agreements include a 25 year PPA, two Implementation Agreements and a Water Use Agreement with the Governments of Pakistan and Government of the State of Azad Jammu & Kashmir etc.
Sambu Construction Co Ltd, Korea was the EPC Contractor and Andritz Hydro (ex VA Tech), Austria and Hyundai Engineering, Korea were the water-to -wire electromechanical equipment supplier and design engineer.
Project Finance has been provided by Asian Development Bank, Islamic Development Bank, International Finance Corporation, Proparco of France and two domestic banks i.e. National Bank of Pakistan and Habib Bank Limited.
Mott MacDonald of UK was Lenders’ Technical Advisor and URS Scott Wilson was Independent Engineer under the PPA. MWH of USA and NESPAK JV were Owner’s Engineer.
The project is environmentally friendly with negligible impact on hydrological regime and complies with the applicable standards of ADB and IFC.
For its landmark achievements, the Project has received “Euromoney Project Finance Middle East Renewable Deal of the Year” award for 2009. The Project also has the distinction of being Pakistan’s first hydro project to be registered with UNFCCC as a CDM Project.
For more information please visit www.laraibenergy.com.