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Agreement signed in Pakistan for hydropower project under CPEC

Agreement Signed in Pakistan for Hydropower Project Under CPEC

ISLAMABAD – The concession agreement for the 700 MW Azad Pattan Hydroelectric Project under the China-Pakistan Economic Corridor (CPEC) was signed, a step forward for project implementation, according to China Gezhouba Group.
The signing of the agreement between China Gezhouba Group, the project investor, and the Pakistani side was witnessed by Pakistani Prime Minister Imran Khan, Chinese ambassador to Pakistan, ministers and representatives of project partners.
Addressing the signing ceremony, Pakistani Prime Minister Khan expressed his satisfaction with the progress of the project, adding that it would provide cheap and green energy and help the country save the environment.
“I am happy because this project is under CPEC and it is not a loan but an investment that will benefit Pakistan everywhere,” the Pakistani prime minister said during the live televised ceremony on local televisions, adding that CPEC is a great project that would lead Pakistan to progress.
According to the China Gezhouba Group, the Build, Own, Operate, and Transfer (BOOT) project will construct on the Jhelum River. With a total investment of $1.54 billion, the project construction period is expected to be 69 months, and the hydroelectric plant will generate some 3.265 billion units of clean energy per year and provide relief from water shortages.
A large number of jobs will also be created during the project’s construction period, and the development of the local transportation industry, the construction materials industry and other hydropower-related industries will be promoted, the Chinese company said.
(Sahar News Monitoring Desk)

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