November 3, 2025 (MLN): The lenders of Thar Energy Limited (TEL) and ThalNova Power Thar (Private) Limited (TN) declare the occurrence of Project Completion Date (PCD) of the 2x330MW power plants on October 31, 2025, in accordance with their project financing documents.

TEL and TN are both mine-mouth coal-fired Independent Power Producers (IPPs) operating in Thar, which successfully achieved Commercial Operations Date on October 1, 2022, and February 17, 2023, respectively.

Hubco directly holds 60% shares in TEL and indirectly, through its wholly owned subsidiary Hub Power Holdings Limited, holds 38.3% shares in TN. Both projects are recognized as priority projects under the China Pakistan Economic Corridor (CPEC).

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, subject to availability of distributable profits and completion of procedural approvals.

The achievement of PCD further demonstrates Hubco’s commitment to protect the interests of its shareholders and give them the best possible value.

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