The Water and Power Development Authority (Wapda) has awarded a contract worth $354.6 million for civil works on the 1,530-megawatt Tarbela 5th Extension Hydropower Project to Power Construction Corporation of China Limited (PCCCL).
The contract was awarded through international competitive bidding.
Speaking at the signing ceremony of the contract, Wapda Chairman Muzammil Hussain said that to enhance the water storage capacity and the share of cheap and clean hydel power generation in the national grid, Wapda was constructing 10 projects including the Tarbela 5th Extension.
Read: Government prioritises power projects
“Timely completion of these projects is important for the purpose,” he said.
Underlining the benefits of the Tarbela project for economic development and social uplift, he expressed confidence that the Tarbela 5th Extension Hydropower Project would be completed in accordance with the stipulated timelines.
The project is being constructed on Tunnel 5 of Tarbela Dam with approved PC-I of $807 million.
The International Bank for Reconstruction and Development (IBRD) - the lending arm of the World Bank Group - is providing $390 million for the scheme while the Asian Infrastructure Investment Bank (AIIB) is extending financing to the tune of $300 million.
The cumulative generation capacity of the project stands at 1,530MW with three generating units of 510MW each.
The project, scheduled to begin electricity generation by mid-2024, will provide 1.347 billion units of low-cost hydel electricity per year to the national grid.
Read more: PM vows to complete CPEC project at all costs
With completion of the Tarbela 5th Extension Hydropower Project, the installed capacity of Tarbela Dam will rise from 4,888MW to 6,418MW.
Tarbela 5th Extension Project Director Muhammad Azam Joya and PCCCL Executive Representative in Pakistan Ling Jianke signed the contract on behalf of their respective organisations.
World Bank Country Director Najy Benhassine, World Bank Task Team Leader Dr Rickard Liden, Wapda Member Finance Naveed Asghar, Member Water Abdul Zahir Khan Durrani and Member Power Jamil Akhtar witnessed the signing of the contract.
Published in The Express Tribune, May 7th, 2021.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1719053250-0/BeFunky-collage-(5)1719053250-0-270x192.webp "retailers decry highest tariff of rs77 per unit")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ