ADB funds new hy­dro-elec­tric­ity plant

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The Asian De­vel­op­ment Bank (ADB) will pro­vide $97 mil­lion to help fund a new pri­vate sec­tor hy­dro­elec­tric­ity plant in Pak­istan, aimed at eas­ing power short­ages and cre­at­ing thou­sands of new jobs.

“Shops and fac­to­ries across Pak­istan have to scale back op­er­a­tions be­cause of elec­tric­ity short­ages,” said Takeo Koike, Prin­ci­pal In­vest­ment Spe­cial­ist of ADB’S Pri­vate Sec­tor Op­er­a­tions Depart­ment, “This new re­new­able en­ergy gen­er­at­ing plant will power busi­nesses and light homes across the coun­try.”

The 147-me­gawatt (MW) run-ofthe-river Pa­trind hy­dropower plant, be­tween the Kun­har and Jhelum rivers near Muzaf­farabad, will help mit­i­gate power short­ages and diversify Pak­istan’s en­ergy mix.

The loan is be­ing pro­vided to Star Hy­dro Power Lim­ited, which is jointly owned by Korea Water Re­sources Cor­po­ra­tion (K-water), along with Dae­woo En­gi­neer­ing and Con­struc­tion Com­pany and Sambu Con­struc­tion Com­pany, both are listed on the Korea Stock Ex­change. The project marks the first in­vest­ment in Pak­istan’s power sec­tor by a con­sor­tium of com­pa­nies from the Repub­lic of Korea.

The independent power pro­ducer (IPP), which will re­vert to govern­ment own­er­ship af­ter 30 years, is ex­pected to cre­ate 2,700 lo­cal jobs and gen­er­ate over $240 mil­lion from pur­chases of lo­cal goods and ser­vices. It will also avoid about 280,000 tonnes of car­bon diox­ide emis­sions a year. The plant is ex­pected to be up and run­ning by 2016

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