Hubco to set up first hydropower project in Pakistan

Karachi: Hub Power Company (Hubco) has acquired 75 percent controlling interests in Laraib Energy (Laraib) and will be setting up the first hydropower project in Pakistan by an Independent Power Producer (IPP).

Hubco, the country's leading IPP, in a notice sent to Karachi Stock Exchange (KSE) said that it is an 84MW project on the downstream run of the river hydropower generation complex being set up at about 8KM from Mangla Dam.

'Hubco has always believed in protecting the environment and its strong commitment is reflected by the continual improvement in the environmental management systems and procedures. Its existing 1,292MW power station conforms to the World Bank guidelines on environment and the plant has successfully been accredited under ISO 14001 standard for the last several years,' Javed Mehmood, Chief Executive of Hubco said.

He said that the acquisition of the 84MW renewable energy project goes further to demonstrate Hubco's commitment to safer environment. The implementation of the project will also contribute towards Clean Development Mechanism under the Kyoto Protocol, he added.

The Laraib project has been under preparation for a long time and Hubco has now acquired its major share with the objective of doing everything necessary to ensure its timely completion. Hubco plans to commence construction activity before the end of the year. The electricity to be generated from this renewable energy project will be supplied to the National Transmission and Dispatch Company Limited (NTDC).

About Hubco's continuing investment in the energy sector, Javed Mahmood pointed out that Hubco was the first IPP to set up a thermal power plant at Hub and now it will be the first IPP to establish a hydel power project. This, he emphasised, clearly demonstrated Hubco's commitment to Pakistan.

He went on to say that for several years Hubco's motto was Partners in Progress and the company has fully lived to this by supplying, at times, up to 10 percent of the country's total electricity generation. Now the company's motto is growth through energy and this is reflected in Hubco contributing to the country's growth by enhancing its generation capacity through new projects.