Korean firms to invest $2bn in power projects
LAHORE, Dec 25: Korean firms will invest more than $2 billion in construction of Lower Spat Gah and Lower Palas Valley hydropower projects to generate 1,161MW, says Wapda Chairman Raghib Abbas Shah.
A memorandum of understanding (MoU) to this effect has been signed among two firms, the government of Khyber-Pakhtunkhwa and the Water and Power Development Authority (Wapda).
Both projects would be launched on a public-private partnership basis with cumulative power generation capacity of 1,161MW. The first MOU was signed with Korea Midland Power Company (KOMIPO) for the 496MW Lower Spat Gah Hydropower Project and the second with K-Water/Daewoo consortium for the 665MW-Lower Palas Valley Hydropower Project. Wapda Chairman Raghib Shah, KPK Shydo Managing Director Bahadur Shah, KOMIPO Chairman Choi Rak and K-Water representative in Pakistan No Hyuk Park signed the MOU on behalf of their organisations. Korean Ambassador to Pakistan Choong Joo Choi was also present.
Addressing the ceremony, the ambassador termed signing of the MOU a milestone to bring the two countries closer in the vital sector of hydropower.
Shah said these projects would contribute more than 4.5 billion units of electricity to the National Grid annually. These projects are part of the strategy for optimum utilisation of water resources to help overcome electricity shortage and stabilise power tariff for consumers.
Dilating upon the efforts for developing water resources, he said the authority was implementing more than 20 projects for 20,000MW power generation and 12 million acre foot water storage.
It is pertinent to mention that Lower Spat Gah Hydropower Project is located on left bank tributary of the River Indus with its confluence some 8 kilometres downstream of Dasu town in the Kohistan District of Khyber-Pakhtunkhwa province. The Lower Palas Valley Hydropower Project is located on another left bank tributary of the River Indus with its confluence some 12 kilometres upstream of Patan town in the Kohistan District of Khyber-Pakhtunkhwa province.