Hubco’s Thar projects reach milestone, paving way for dividends and energy security gains

The Hub Power Company Ltd. (Hubco) announced that lenders of its Thar-based subsidiaries, Thar Energy Ltd. (TEL) and ThalNova Power Thar (Pvt.) Ltd. (TN), have formally declared the “project completion date” (PCD) for their combined 660-megawatt coal-fired power projects as of Oct. 31, 2025.

In a filing to the Pakistan Stock Exchange on Monday, Hubco said the declaration marks a major milestone in accordance with the project financing documents of both independent power producers (IPPs).

TEL and TN, mine-mouth coal-fired plants located in Thar, had earlier achieved their commercial operations dates (CODs) on Oct. 1, 2022, and Feb. 17, 2023, respectively. Hubco directly owns a 60% stake in TEL and indirectly holds a 38.3% stake in TN through its wholly owned subsidiary, Hub Power Holdings Ltd.

Both projects are recognized as priority initiatives under the China-Pakistan Economic Corridor (CPEC).

Hubco said the PCD declaration is a “monumental occasion” for the company, as it allows TEL and TN to begin paying dividends to shareholders, subject to available distributable profits and completion of procedural approvals.

“The achievement of PCD further demonstrates Hubco’s commitment to protecting the interests of its shareholders and delivering maximum value,” the company said.

The Thar power projects are part of Pakistan’s broader effort to utilize domestic coal resources to enhance energy security and reduce reliance on imported fuels.