KARACHI, Aug 4: The Hub Power Company Limited (Hubco), the country’s leading independent power producer (IPP), has announced that it has acquired 75 per cent controlling interests in Laraib Energy Limited and will be setting up the first hydropower project in Pakistan by an IPP.

The project is an 84MW, run of the river hydropower generating complex being set up about 8km downstream of Mangla Dam.

“Hubco has always believed in safeguarding the environment and its strong commitment to environment is reflected by continual improvement to the environmental management systems and procedures. Its existing 1,292MW power station is compliant with World Bank guidelines on environment and the plant has been successfully accredited under ISO 14001 Standard for the last several years,” stated Javed Mahmood, the Chief Executive of Hubco on Monday.

He added that “Acquisition of the 84MW renewable energy project goes further to demonstrate Hubco’s commitment to safer environment. Implementation of the project will also contribute towards Clean Development Mechanism under the Kyoto Protocol”.

The Laraib project has been under progress for a long time and Hubco has now acquired it 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.

Speaking 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 in spite of the fact that tens of billions of rupees is owed to Hubco as payment for electricity it supplies to Water and Power Development Authority.

He went on to say that for several years Hubco’s motto was ‘Partners in Progress’ and the company fully lived up to this by supplying at times up to 10 per cent 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 energy projects.—PPI