Thar Energy receives $3.9 million investment from CMEC

• 5 years ago (2018-10-04)
• David Flin

Asia 859 Coal 282

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China Machinery Engineering Corporation (CMEC) has acquired a 10 per cent stake by investing $3.9 million in Hub Power Companys (Hubco) subsidiary Thar Energy Limited (TEL), one of Pakistan’s first domestic coal-fired power projects at Thar coal block II. Hubco, which holds a 60 per cent majority share in the project, said that it had created TEL to set up a 330 MW mine-mouth lignite-fired power plant. The company has signed a shareholders’ agreement with Fauji Fertiliser Company (FFC) and CMEC TEL Power Investments Limited (CMEC Dubai) for the rest of the equity investment – 30 per cent and 10 per cent respectively – in the project. FFC injected equity into the company earlier this year.

Commercial operation is expected by March 2021.