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KARACHI: The Hub Power Company Limited through its wholly-owned subsidiary, Hub Power Holdings Limited, is in the process of finalizing issuance of a Shariah compliant Sukuk, the company officials said.

This proposed Sukuk in the sum of Rs6 billion for a tenor of 5 years, is being partnered with Meezan Bank limited as Shariah Advisor and Arif Habib Limited as its arranger will be available for subscription by financial institutions, investment companies and other eligible institutions.

This represents Hubco's keen interest in promoting and supporting the Islamic financing options and the local financial industry, they added.

These funds will be utilized to meet the ongoing capital requirements of the company.

With an aggressive growth plan and focus on growing the shareholder value, Hubco is pursuing opportunities in the domain of thermal energy, alternate energy and water treatment.

The company has an installed capacity of producing over 2920MW through its four plants in Hub, Narowal and Azad Kashmir. The company is the only power producer in Pakistan with four projects listed in the CPEC, namely imported coal-based China Power Hub Generation Company (Private) Limited (CPHGC) at Hub, Thar Energy Limited (TEL) and Thalnova Power Thar (Pvt) Ltd and Sindh Engro Coal Mining Company (SECMC) at Thar Coal Block II. Both the 330MW power plants in Thar Block II have achieved their financial close and are expected to meet their Commercial Operations Date (COD) in 2021 and 2022.

Being a domestic source of energy fuel, the power generation and mining projects in Thar Coal are expected to fortify the energy security of the country and would bring about substantial savings in foreign exchange of the country.

The company is also investing in the Community Development Programs in the fields of health, education, livelihood and basic infrastructure in the vicinity of its plants.

Copyright Business Recorder, 2020