MIRPUR (AJK): Pakistan Water and Power Development Authority (WAPDA) is executing development projects including Diamer Basha Dam, Dasu Hydropower Project and Mohmand Dam worth US $ 26 billion after a span of almost five decades by adopting an innovative financing strategy on the back of a robust capital structure and strong balance sheet footing, it was officially said on Wednesday.
WAPDA Chairman Lt Gen Muzammil Hussain (Retd) highlighted this in a meeting with a delegation of JP Morgan comprising senior representatives namely Asif Raza, Managing Director Global Corporate Bank CEEMEA, Imran Zaidi, Managing Director Global Corporate Bank covering Middle East and North Africa (MENA) and Amin M. Khawaja, Chief Executive Officer Pakistan, media wing of WAPDA said in a statement released to the media here. WAPDA Member (Finance) Naveed Asghar was also present on the occasion.
Giving a run-down of 10 under construction WAPDA projects, the chairman said that these projects would enhance water storage capacity by more than 11 MAF and add another 9000 MW of hydel electricity to the system.
WAPDA has institutional capacity to identify and implement multipurpose hydropower projects. It has adopted a multi-pronged strategy including Green Eurobonds and Syndicate loans etc. for implementation of its projects.
WAPDA’s business model had an important role to play in the development of a sustainable and lower-carbon economy in Pakistan, he said.
The chairman said that WAPDA would continue to approach the international financial and capital market in a staggered mode, to minimize financing cost, in line with its financing requirements and would look forward to bring further investments in the hydropower sector which would go a long way to reduce carbon footprint in the power generation sector of Pakistan.
He appreciated the role played by JP Morgan as the lead arranger for WAPDA’s debut Green Eurobond issuance alongside Deutsche, Standard Chartered and HBL Bank. This bond was a lodestar as WAPDA became the first parastatal in Pakistan to access the international capital market on its own credentials without any financial obligation on the government, the chairman added.
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