Edevelop
ELITE MEMBER
- Joined
- Feb 2, 2007
- Messages
- 14,735
- Reaction score
- 23
- Country
- Location
KARACHI: Asian Development Bank (ADB) has proposed $65 million loan for the 100 megawatt (MW) Gulpur Hydropower Project, which was being implemented on Build-Own-Operate-Transfer (Boot) basis in Kotli district Azad Kashmir.
ADB has updated on its website the investment committee of ADB would approve the project’s financial assistance in the meeting scheduled to be held on November 2, 2016.
The proposed $65 million financial assistance for the project is London Interbank Offered Rates (Libor) based loan under Private Sector Development, however, with the Project Data Sheet is a work in progress, proposed project is tentative and indicative, it added.
According to the main sponsor of the project, a South Korean consortium Mira Power Limited, the construction period for the project is 4 years and energy generation from the project is expected by the year 2018.
The project involves construction and operation of a 102 MW run-of-the-river hydroelectric power generation facility on Poonch River some 28 kilometers (km) upstream from Mangla Pakistan’s second largest water storage reservoir.
The Project will be developed under Power Policy 2002 under which, ADB has financed several projects and will be undertaken on a BOOT basis for a period of 30 years (from the commercial operations date). Total Project cost (including interest during construction, exchange rate variations and contingencies) is estimated at $365.1 million.
The project will provide low-cost generation and additional electricity supply to the national grid of 465 Gigawatt hours per year. The project will generate electricity by using indigenous water resources and the tariff for electricity supplied by the project will be lower than that for plants use imported fuel and other renewable energy sources such as wind and solar. The project will also avoid greenhouse gas emissions of almost 240,000 tonnes of carbon dioxide per year.
ADB said electricity tariff for the project would be significantly lower than the average price of power in the country and would not be affected by the volatility of the international fuel market.
The project will promote the use of indigenous water resources and will contribute to the country s energy security. The project will help ADB to meet its commitment to undertake clean energy investments of $2 billion per year.
The project involves acquisition of 894.53 acres of land broken down as 801.35 acres of government land, 47.190 acres of communally owned land and 45.995 acres of privately owned land.
Private land acquisition will lead to displacement of 4 households and will significantly impact on 61 households utilising their land for crop production.
There are no users of the government land acquired and although part of the communally owned land are used for grazing, land acquisition will pose no significant impact to the villagers as a large portion of these land will remain and can be used for grazing.
Two businesses will also be impacted by the project. A Land Acquisition and Resettlement Plan was prepared to ensure that the livelihood of affected households will be improved or at least restored and mechanisms for prompt replacement and payment for all affected assets are in place.
ADB proposes $65m loan for Gulpur Hydropower Project
ADB has updated on its website the investment committee of ADB would approve the project’s financial assistance in the meeting scheduled to be held on November 2, 2016.
The proposed $65 million financial assistance for the project is London Interbank Offered Rates (Libor) based loan under Private Sector Development, however, with the Project Data Sheet is a work in progress, proposed project is tentative and indicative, it added.
According to the main sponsor of the project, a South Korean consortium Mira Power Limited, the construction period for the project is 4 years and energy generation from the project is expected by the year 2018.
The project involves construction and operation of a 102 MW run-of-the-river hydroelectric power generation facility on Poonch River some 28 kilometers (km) upstream from Mangla Pakistan’s second largest water storage reservoir.
The Project will be developed under Power Policy 2002 under which, ADB has financed several projects and will be undertaken on a BOOT basis for a period of 30 years (from the commercial operations date). Total Project cost (including interest during construction, exchange rate variations and contingencies) is estimated at $365.1 million.
The project will provide low-cost generation and additional electricity supply to the national grid of 465 Gigawatt hours per year. The project will generate electricity by using indigenous water resources and the tariff for electricity supplied by the project will be lower than that for plants use imported fuel and other renewable energy sources such as wind and solar. The project will also avoid greenhouse gas emissions of almost 240,000 tonnes of carbon dioxide per year.
ADB said electricity tariff for the project would be significantly lower than the average price of power in the country and would not be affected by the volatility of the international fuel market.
The project will promote the use of indigenous water resources and will contribute to the country s energy security. The project will help ADB to meet its commitment to undertake clean energy investments of $2 billion per year.
The project involves acquisition of 894.53 acres of land broken down as 801.35 acres of government land, 47.190 acres of communally owned land and 45.995 acres of privately owned land.
Private land acquisition will lead to displacement of 4 households and will significantly impact on 61 households utilising their land for crop production.
There are no users of the government land acquired and although part of the communally owned land are used for grazing, land acquisition will pose no significant impact to the villagers as a large portion of these land will remain and can be used for grazing.
Two businesses will also be impacted by the project. A Land Acquisition and Resettlement Plan was prepared to ensure that the livelihood of affected households will be improved or at least restored and mechanisms for prompt replacement and payment for all affected assets are in place.
ADB proposes $65m loan for Gulpur Hydropower Project
