The World Bank is partially providing funds for construction of Stage-I of Dasu Hydropower Project to the tune of US $ 588.4 million and Partial Credit Guarantee (PCG) of US $ 460 million.
LAHORE: (Urdu Point/Pakistan Point News-Nov 25th) Pakistan Water and Power Development Authority (WAPDA) on Monday signed a contract worth Rs. 52.5 billion with a joint venture of GE Hydro China and Power China Zhongnan Engineering Corporation for electro-mechanical works of Dasu Hydropower Project -Stage-I.
According to the details, Dasu Hydropower Project General Manager and Project Director Anwar ul Haque and GE Deputy General Manager Aijun Xu signed the contract on behalf of their organizations in a ceremony here on Monday.
French Ambassador, Chinese and the US diplomats, Water Resources Federal Secretary Muhammad Ashraf and WAPDA Chairman Lt Gen Muzammil Hussain (Retd) also attended the event.
WAPDA Chairman Lt Gen (Retd) Muzammil Hussain in his welcome remarks said that today was an important day for Dasu Hydropower Project. He said that the project was of vital importance to add a major quantum of hydel electricity to the National Grid in order to minimize reliance on expensive thermal generation and lower the power tariff.
Addressing the ceremony, Water Resources Federal Secretary Muhammad Ashraf said that the Ministry is committed to optimal utilization of hydropower resources for generating low-cost and environment-friendly electricity to meet the energy requirements of the country for economic stability and social development. Dasu Hydropower Project, he said, is a manifestation of this commitment. He appreciated WAPDA Chairman for transforming WAPDA into a pro-active and dynamic organization, adding that WAPDA has been steadfastly moving to harness water and hydropower resources in Pakistan.
Earlier, French Ambassador Marc Barety and World Bank Country Director Illango Patchamuthu also addressed the ceremony.
It may be mentioned here that the 4320 MW-Dasu Hydropower Project was being constructed by WAPDA on River Indus upstream of Dasu Town in Kohistan District of Khyber Pakhtunkhwa (KP) Province. The project will be completed in two stages – each stage having a generation capacity of 2160 MW. At present, Stage-I of the project is underway, while electricity generation from the project is expected to commence in 2024-25. Stage-I will contribute more than 12 billion units per annum to the National Grid. The Stage-II will also provide another 9 billion units to the system every year.
The World Bank is partially providing funds for construction of the Stage-I of Dasu Hydropower Project to the tune of US $ 588. 4 million and Partial Credit Guarantee (PCG) of US $ 460 million. The remaining funds are being arranged by WAPDA from its own resources and with the sovereign guarantee of Government of Pakistan.
