An important milestone has been achieved Friday when the Financial close of the China Power Hub Generation Company Pvt. Limited (CPHGC), a project of the China Pakistan Economic Corridor (CPEC) is achieved which is surely an important milestone.
CPHGC is a Joint Venture Vehicle between China Power International Holding (CPIH), a company of the Chinese government that owns 74 percent shareholding and HUBCO the largest IPP in Pakistan with an ownership of 26 percent shareholding. CPHGC is one of the largest CPEC Projects in Pakistan. Located in Hub, Balochistan, 45 km northwest of Karachi during commercial operations, the project will provide 9 billion kWh of electricity to the National Grid every year that will meet the electricity needs of 4 million households in Pakistan.
The requisite final notification by the government of Pakistan was issued for financial close for the $2 billion CPHGC project 2×660 imported coal powered plants and a dedicated coal jetty at Hub, Lasbella.
Speaking on the occasion, Zhao Yonggang, CEO, China Power Hub Generation Company said, “this is the biggest and the most important milestone of our project which will pave the way for many future successes. By meeting the financial close, we have accomplished all the requirements of the government of Pakistan and the international consortium of banks for issuance of project financing by the international lenders.”
