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Business & Finance

Agreement inked for construction of 700MW Azad Pattan Hydropower Project

  • The Governments of AJ&K and Punjab will earn a significant amount of revenue on account of taxes, fees, etc, while during the operation period water use charges of approx., he added.
Published December 2, 2020

Federal Minister for Power, Petroleum & Natural Resources Omar Ayub has said that the construction of the Azad Pattan Hydropower Project will push the country towards pursuing economical and greener power generation as well stimulate the local economy.

“Agreements signed for construction of Azad Pattan Hydropower Project as part of the China-Pakistan Economic Corridor (CPEC). With an investment of over $1.35 billion and 700.7 megawatts of electricity, the Azad Pattan Project will involve no fuel import, enabling the country to move towards cheaper and greener power generation,” said the minister in a series of tweets.

The minister informed that the Azad Pattan Project is being implemented by PPIB under the Policy for Power Generation Projects 2002 on build, own, operate and transfer (BOOT) basis for a term of 30 years after which it will be transferred to the Government of Azad Jammu & Kashmir free of cost.

“The project while bringing in valuable foreign direct investment will provide energy of about 3,266 GWh per year to the national grid by 2027. The Project also will play a crucial role in stimulating the local economy by providing employment and business opportunities during its construction periods,” said Ayub.

Furthermore, the Governments of AJ&K and Punjab will earn a significant amount of revenue on account of taxes, fees, etc, while during the operation period water use charges of approx., he added.

In other development, Ayub informed that the up-gradation plan worth Rs 21 billion of the power transmission system of Peshawar Electric Supply Company (PESCO) is in the final stage.

In a tweet, he said the plan would help address the low voltage problem in the entire Khyber Pakhtunkhwa. He said that soon after approval of the plan, its implementation would be started.

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