Ithaca Capital led a consortium to buy out 80% of HCPC from Kinder Morgan (a US Energy company) and subsequently acquired the remaining 20% stake from legacy shareholders. Ithaca currently owns 30% of the equity and has management control of the company. Ithaca leveraged the operational expertise acquired through HCPC in other power projects that are at various stages of development and construction.
Habibullah Coastal was commissioned in 1999 and is a combined cycle gas-fired IPP in Quetta with a design capacity of 140 MW.
The plant is based on 3 GE LM 6000 Aero Derivative Turbines, 3 Alstom Generators, 3 Babcox & Wilcox HRSG units and 1 steam turbine made by Mitsubishi Heavy Industries.
The plant has a Power Purchase Agreement with the Government of Pakistan and benefits from a guaranteed return which expires in 2029.
Subsequent to the acquisition, Ithaca created a 70-person operations and maintenance team that successfully took over the O&M function that had previously been outsourced to GE. The O&M team has been operating the plant for 3 years and has produced better KPIs than previously achieved under GE while saving the company US$ 1.0 mm / year in the process.