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) on October 31, 2025, according to filings made by Fauji Fertilizer Company Limited (FFC), The Hub Power Company Limited (HUBCO), and Thal Limited to the Pakistan Stock Exchange (PSX).

According to official documents available with Gwadar Pro, lenders of Thar Energy Limited (TEL) and Thal Nova Power Thar (Private) Limited (TN) have declared the occurrence of the PCD for their respective 2×330 MW mine-mouth coal-fired power plants on October 31, 2025. The announcements were formally conveyed to the Pakistan Stock Exchange (PSX) on November 3 by FFC, HUBCO, and Thal Limited, the key stakeholders in the Thar energy complex.

In its disclosure, FFC stated, “We are pleased to inform you that the lenders of Thar Energy Limited (TEL) have declared the occurrence of ‘Project Completion Date’ of the 330 MW power plant on October 31, 2025 … TEL is a mine-mouth coal-fired IPP operating in Thar, which successfully achieved Commercial Operations Date on October 1, 2022. FFC holds 30 percent shares in TEL.”

The company added that the declaration “will enable TEL to pay dividend to its shareholders subject to availability of distributable profits and completion of procedural approvals,” noting that the milestone “demonstrates FFC’s commitment to protect the interests of its shareholders and giving them the best possible value.” In a similar filing, Hubco confirmed that the lenders of both TEL and TN had announced their completion dates, calling it “a monumental occasion” for the company and its investors.

The statement read: “The declaration of PCD for both TEL and TN is a monumental occasion for the Company as it will enable TEL and TN to pay dividend to their shareholders … The achievement of PCD further demonstrates Hubco’s commitment to protect the interests of its shareholders and giving them the best possible value.”

Hubco directly holds 60 percent shares in TEL, and indirectly, through its wholly owned subsidiary Hub Power Holdings Limited, 38.3 percent shares in TN. Both projects are recognized as priority projects under CPEC, reflecting their strategic importance in Pakistan’s power development agenda.

Thal Limited, another leading investor in the Thar power cluster, also informed the PSX that lenders of Thal Nova Power Thar (Private) Limited (TN) had declared the project complete on October 31, 2025. Its official statement said: “TN is a mine-mouth coal-fired IPP operating in Thar, which successfully achieved Commercial Operations Date on February 17, 2023.

Thal Limited, through its wholly owned subsidiary Thal Power (Private) Limited, holds 26 percent shares in TN.” It added that the milestone “is a monumental occasion for the Company as it will enable TN to pay dividend to its shareholders … and further demonstrates Thal’s commitment to protect the interests of its shareholders and giving them the best possible value.”

The completion declaration signifies that both projects have fulfilled all technical, operational, and financial requirements under their respective project financing documents. With a combined capacity of 660 MW, the TEL and TN power plants are vital components of CPEC’s Thar energy corridor, designed to harness the region’s abundant lignite coal for long-term, low-cost power generation.

The projects’ completion not only enhances Pakistan’s indigenous energy mix but also strengthens investor confidence in CPEC-led infrastructure development, a cornerstone of Pakistan–China cooperation for sustainable growth and regional prosperity.

Credit: Independent News Pakistan (INP) — Pak-China