Responding to power shortages in Pakistan, the Asian Developing Bank (ADB) approved a $97 million loan to help fund a new private sector hydroelectricity plant in Pakistan for the the creation of a 147-megawatt hydropower plant.
11 October 2011: Responding to power shortages in Pakistan, the Asian Developing Bank (ADB) approved a $97 million loan to help fund a new private sector hydroelectricity plant in Pakistan. The project will be implemented by the Star Hydro Power Limited, which is jointly owned by Korea Water Resources Corporation (K-water), Daewoo Engineering and Construction Company and Sambu Construction Company.
Pakistan suffers from an acute shortage of power, requiring power rationing due to increasing brownouts and blackouts. The loan will assist in overcoming this challenge via the creation of a 147 megawatt run-of-the-river hydropower plant, between the Kunhar and Jhelum rivers near Muzaffarabad. Takeo Koike, Principal Investment Specialist of ADB’s Private Sector Operations Department said the renewable energy generating plant will also assist in job creation. [ADB Press Release]