Islamabad October 10 2024: Hub Power Company Limited, the largest Independent Power Producers of Pakistan, Board of Directors agreed to terminate power purchase contract for it’s 1,292MW base plant from October 1st against settlement of outstanding dues, as per company filing to Pakistan Stock Exchange.
“upon the request of the Task Force constituted under the Prime Minister’s Office, The Hub Power Company Limited, in the greater national interest, has initialled a Negotiated Settlement Agreement with regard to the accelerated expiry on October 1, 2024 of its relevant agreements scheduled to expire in March 2027, relating to the Company’s 1292 MW power generation project located at Mouza Kund, Post office Gaddani, District Lasbella, Baluchistan” states in its filing of the Pakistan Stock Exchange.
This project achieved COD in 1996.
“Pursuant to the terms of the Agreement, GOP and CPPAG have agreed to settle the Company’s outstanding receivables up till October 1, 2024. The Board has agreed to the terms of the settlement and authorised the execution of a definitive agreement in respect thereof” the notification added.
The Company shall accordingly keep the PSX informed in respect of material developments in this regard, if any.
