Korea to spend $2bon two hydropowerprojects

[Gentelman]

LAHORE – Two memorandum of
understanding were signed on Monday
among the Khyber Pakhtunkhwa
government, the Wapda and Korean
firms to develop two hydropower
projects in public-private partnership
mode with cumulative power generation
capacity of 1,161 mega watt.
A statement said that the milestone had
been achieved as a result of recent visit
of President Asif Ali Zardari to Korea.
According to details, first MoU was
signed with Korea Midland Power
Company (KOMIPO) for the 496 MW-
Lower Spat Gah Hydropower Project,
while the second with K-Water/Daewoo
consortium for the 665 MW-Lower Palas
Valley Hydropower Project.
The Wapda Chairman Raghib Shah,
KPK Shydo Managing Director Bahadur
Shah, KOMIPO Chairman Choi Rak and
K-Water representative in Pakistan No
Hyuk Park signed the MoU on behalf of
their organisations. Korea Ambassador
to Pakistan Choong Joo Choi was also
present on the occasion.
Addressing the ceremony, the
ambassador termed signing of the MoU
a milestone to bring the two countries
closer in the vital sector of hydropower.
He appreciated Wapda Chairman’s
efforts for this achievement.
The Wapda Chairman said that the
Korean firms, selected through
international competitive biddings, will
together bring in with them an
investment of more than $2 billion for
construction of Lower Spat Gah and
Lower Palas Valley hydropower projects.
This investment shows the confidence,
the international financial institutions
have in Wapda for implementation of
the projects in water and hydropower
sectors, he added.
Shah further said that the two projects
will contribute more than 4.5 billion
units of electricity to the National grid
annually. He said that the two projects
were a part of the strategy for optimum
utilisation of water resources to help
overcome electricity shortage and
stabilise power tariff for the consumers.
Dilating upon the efforts for developing
water resources, he added that Wapda
was implementing more than 20
projects to generate about 20,000 MW of
electricity and store 12 million acre feet
of water.
Lower Spat Gah Hydropower Project is
located on left bank tributary of River
Indus with its confluence some eight
kilometres downstream of Dasu town in
district Kohistan of KPK province, while
Lower Palas Valley Hydropower Project
is also located on another left bank
tributary of River Indus with its
confluence some 12 kilometres upstream
of Patan town of the same district.

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