WAPDA Member (Water) Muhammad Shoaib Iqbal and General Manager Sinohydro Duan Jianxia signed the contract on behalf of WAPDA and the joint venture respectively, said a press release.
The signing ceremony was witnessed by WAPDA Member (Finance) Anwar-ul-Haq, senior officers of WAPDA and representatives of joint venture.
WAPDA is constructing the 128 MW-Keyal Khwar Hydropower Project on a tributary of Indus River in Kohistan district of Khyber Pakhtunkhwa province, about 310 kilometers from Islamabad.
The project is scheduled to be completed in 4 years. On completion, Keyal Khwar will generate 418 million units of low-cost hydel electricity per annum.
The project is being jointly funded by the European Investment Bank (EIP), the German Development Bank (KfW) and the Government of Pakistan.
The European Investment Bank and KfW are providing 100 million Euros and 97 million Euros respectively for the purpose.
It is pertinent to mention that the ECNEC, in its meeting held on September 13, 2014 approved the revised PC-1 of the project with a rationalized cost of Rs27.8 billion.
The German Development Bank had also issued a No Objection
Letter (NOL) to WAPDA for award of its civil works contract to the joint venture.