Hubco was initiated and developed by Xenel in response to the Pakistani government's invitation for private sector participation in energy projects.

The 1,262 MW power plant consisting of four oil-fired boilers and steam turbine units was financed on a BOO basis by the World Bank and was the first and largest privately financed power project in operation in South Asia. 

In collaboration with International Power (UK), Entergy (USA), Mitsui, and IHI (Japan), Xenel successfully spearheaded the development of this greenfield power plant, which was fully commissioned in 1997, marking a major milestone in the region's energy infrastructure.