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PAKISTAN : ADB to give $97 million fund for hydroelectricity plant
Publish Date : 14-Oct-2011
The Asian Development Bank (ADB) offers $97 million to fund a new private sector hydroelectricity plant in Pakistan to reduce power shortages.
Principal Investment Specialist of ADB’s Private Sector Operations Department, Takeo Koike said, “Shops and factories across Pakistan have to scale back operations because of electricity shortages. This new renewable energy generating plant will power businesses and light homes across the country.”
According to ADB, Pakistan is facing keen shortage of power, estimated at over 4,200 megawatts during peak demand, which has led to worsening brownouts and blackouts across the country, necessitating power rationing. It added that most of the energy is generated from imported oil, putting a severe strain on finances as global oil prices rise and the rupee depreciates.
The fund will support 147-megawatt run-of-the-river Patrind hydropower plant, between Kunhar and Jhelum rivers near Muzaffarabad. 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 will get the loan.
