The Company also holds 75% controlling interest in Laraib Energy Limited which owns and operates the only IPP in hydel sector, a run-off-the-river hydel power plant, near the New Bong Escape, 8 km downstream of Mangla Dam in Azad Jammu and Kashmir.
Growth through Energy
The Hub Power Company is actively working on alleviating energy shortage in the country by putting up reliable coal fired power generation plants through its subsidiaries:
Hub Power Holdings Limited (HPHL) has been incorporated to invest in the imported coal based 1320MW power project in a joint venture with China Power International Holding (a leading Chinese State Owned power utility company), China Power Hub Generation Company Pvt Ltd (CPHGCL)at Hub Site. The cost of the CPHGCL project is estimated to be around $2bn and it will be one of the largest private-sector investments in Pakistan's history. The development of the Coal Project will also result in immense soclo-economic benefits for the communities living around Hub and for whole Baluchistan in general. The Project is targeted to be commissioned in the middle of 2019.
Hubco is also investing USD 20 million in Sindh Engro Coal Mining Company Limited (SECMC), a joint venture between Engro, Thal Limited, HBL, CMEC, Hubco and Government of Sindh, to develop a coal mine at Thar which has the seventh largest reserve of coal in the world. Utilisation of Thar Coal Reserves will be a huge step towards energy security of Pakistan and will help reduce the reliance on fuel imports considerably. The project is scheduled for production commencement in June 2019.
The Hub Power Company is establishing Thar Energy Limited (TEL), a 330MW Thar Lignite Coal based power plant in Thar, Sindh with an estimated cost of US $500 M. The project is targeted to achieve Commercial Operation by the end of 2019.
Hub Power Services Limited (HPSL) has been incorporated to manage O&M of its existing power assets, its upcoming coal project and explore O&M business opportunities onshore and offshore. Narowal Energy Limited has been incorporated to take over the assets and liabilities of Narowal plant post its demerger under the Companies Ordinance.
Corporate social Responsibility
The Hub Power Company Limited since its inception strongly believed in the integration of Corporate Social Responsibility (CSR) into its business, and has consistently worked for the uplift of communities that are influenced directly or indirectly by our business. The Corporate Social Responsibility of the Company is based on the principles of transparency, accountability, integrity and sustainability.
Community and stakeholder needs are carefully assessed and strategic support is extended in line with the Company's policies and business objectives. Traditionally the Company's CSR program has focused on healthcare, education, infrastructure development and livelihood of the less privileged in society. The initiatives undertaken seek to ensure that there is clear value addition and that the real impact is made at the grassroots level.