WAPDA executing $26b worth of projects

Has adopted innovative financing strategy for megaprojects

LAHORE:

The Water and Power Development Authority (Wapda) is executing several megaprojects including the Diamer Bhasha Dam, Dasu Hydropower Project and Mohmand Dam at a total cost of $26 billion, said Wapda Chairman Muzammil Hussain.

Talking to a delegation of JP Morgan on Wednesday, Hussain said that such a huge portfolio of schemes was being built after a gap of almost five decades and it was being done through the adoption of an innovative financing strategy and an optimal capital structure.

While giving a rundown of 10 under-construction Wapda projects, the chairman stated that these schemes would enhance water storage capacity by more than 11 million acre feet (MAF) and add another 9,000 megawatts of hydel electricity to the system.

“Wapda possesses unparalleled institutional capacity to identify and implement multi-purpose hydropower projects,” he said.

Hussain pointed out that the organisation had adopted a multi-pronged strategy, including Green Eurobonds and syndicated loans, for the implementation of its projects, which marked a radical shift from reliance on the government of Pakistan.

“Wapda’s business model has a key role to play in the development of a sustainable and low carbon economy in Pakistan,” he remarked.

Published in The Express Tribune, November 11th, 2021.

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