The lenders of two 330-megawatt coal-fired power projects in Thar, developed under the China-Pakistan Economic Corridor (CPEC), have declared the Project Completion Date (PCD) as of October 31, 2025. The announcement was made by Fauji Fertilizer Company Limited (FFC), The Hub Power Company Limited (HUBCO), and Thal Limited to the Pakistan Stock Exchange (PSX) on November 3.
Thar Energy Limited (TEL) and Thal Nova Power Thar (Private) Limited (TN), the entities behind the projects, confirmed the completion milestone for their respective 2×330 MW mine-mouth coal-fired power plants. Both projects are critical components of CPEC’s Thar energy corridor, which aims to harness the region’s abundant lignite coal for low-cost, long-term power generation.
FFC, in its disclosure, confirmed that TEL reached the PCD on October 31, 2025, after achieving its Commercial Operations Date (COD) on October 1, 2022. FFC, which holds a 30% stake in TEL, stated that the milestone would enable TEL to pay dividends to its shareholders, subject to available profits and regulatory approvals.
Similarly, HUBCO confirmed the PCD declaration for both TEL and TN, noting that it would allow both companies to pay dividends. HUBCO directly holds 60% of TEL and, through its subsidiary Hub Power Holdings Limited, holds 38.3% of TN. HUBCO described the announcement as a significant achievement for the company and its investors.
Thal Limited also informed the PSX that the lenders of TN had declared the project complete. TN, which reached COD on February 17, 2023, has Thal Limited holding 26% of the project through its subsidiary Thal Power (Private) Limited. Thal Limited also celebrated the PCD announcement, which will enable TN to distribute dividends to its shareholders.
The completion declaration confirms that both projects have met all technical, operational, and financial requirements under their respective financing agreements. The combined 660 MW capacity of the TEL and TN power plants is expected to enhance Pakistan’s energy mix, boost investor confidence in CPEC projects, and strengthen Pakistan-China cooperation in infrastructure development.
