Proparco is cofinancing Laraib Energy Limited's hydropower plant, which is located in the southeast of Islamabad. It will diversify Pakistan’s energy mix, which is currently highly dependent on thermal energy.
Laraib Energy Limited is a Pakistani project company set up in 1995. It is owned by Hubco, a private Pakistani electricity company, and a group of private investors.
Proparco’s loan will contribute to financing the construction and operation of an 84 MW run-of-river hydropower plant in New Bong Escape, 120 km to the south-east of Islamabad. Laraib Energy will be Pakistan’s first private independent hydropower plant.
This project will increase Pakistan’s power generation capacity, which currently has a serious deficit, while benefiting from a relatively low generation cost. It will also contribute to diversifying its energy supply sources, 70% of which are thermal. In addition, it will create some 500 jobs during the construction phase and 90 jobs during the operation phase.