(Karachi) The Khyber Pakhtunkhwa government has inked an agreement with a Chinese company for the construction of the 300-megawatt Balakot hydropower project, local media reported on Wednesday.
As per details, the 300MW project, which is one of the biggest power generation plants in the province, would be constructed with an estimated cost of Rs85 billion in a period of six years. The mega project is being completed with the financial assistance of the Asian Development Bank.
The signing ceremony of the project was held the other day where Khyber Pakhtunkhwa Chief Minister Mahmood Khan was the chief guest. The pact was signed by officials of the Pakhtunkhwa Energy Development Organisation (PEDO) and China Gezhouba Group.
The KP chief minister said that the hydropower project is of vital importance for the province and a milestone achievement of the provincial government. He said the groundbreaking of the mega-project is expected to be performed by mid-April by Prime Minister Imran Khan.
He stated that the project would play a vital part in boosting industrial activities, job creation and overall development of the province. Mahmood Khan highlighted that the project would generate around 4,000 job opportunities while upon completion, it is expected to generate revenue of Rs14bn per annum, he added.
The CM maintained that power generated by Balakot hydropower project would be provided to local industries as well as to domestic consumers at relatively cheap rates.