Aroundtheworld

Peru hydropower plant gets China funding

China Three Gorges Corp and China Development Bank (CDB) have signed an agreement on financing a hydroelectric power project in Peru, news site hanqiu.com reported on Thursday.

CDB will provide $365 million in 19-year loans, the report said. Three Gorges Corp is part of a multiparty deal to finance and construct the hydropower San Gaban III project.

Construction of the project started on September 1 this year and is set to be completed by August 2021. It will ease power shortages in southeast Peru, as well as large volumes of waste gas and emissions annually, the report noted.

CDB has provided loans to Peru totaling more than $5 billion, the report added.

Karachi power station opens, part of CPEC

The first unit of a coal-fired power plant built by PowerChina was inaugurated on Wednesday in Port Qasim, Karachi, Pakistan, a key project in the China-Pakistan Economic Corridor (CPEC), the Xinhua News Agency reported.

The plant’s generation capacity is about 9 billion kilowatt-hours and it is scheduled to meet the demand of 4 million households in Pakistan while overcoming power shortages in the country, the news report said.

State-owned hydropower station builder PowerChina and a local company co-financed the $2.08 billion project, which took 36 months to build, the report said.