ID :
212538
Thu, 10/13/2011 - 08:58
Auther :
Shortlink :
http://m.oananews.org//node/212538
The shortlink copeid
ADB backs Korean consortium building hydro dam in Pakistan
HONG KONG, Oct. 13 (Yonhap) -- The Asian Development Bank (ADB) said Thursday it will help a South Korean consortium fund its project to build a hydroelectric dam in Pakistan in a move to ease power shortages and create thousands of new jobs in the country.
Korea Water Resources Corp., Daewoo Engineering & Construction Co, and Sambu Construction Co. established a special company called Star Hydro Power Limited, which will set up the 147-megawatt run-of-the-river Patrind hydropower plant between the Kunhar and Jhelum rivers near the Muzaffarabad district.
The ADB will provide US$97 million to help fund the new private sector hydroelectric plant in Pakistan, which will ease power shortages and create thousands of new jobs.
"Shops and factories across Pakistan are having to scale back operations because of electricity shortages," said Takeo Koike, principal investment specialist of ADB's private sector operations department.
Pakistan has an acute shortage of power, estimated at over 4,200 megawatts during peak demand, which has led to worsening brownouts and blackouts across the country, necessitating power rationing.
Most of Pakistan's energy is generated from imported oil, putting a severe strain on the country's finances as global oil prices rise and the local currency depreciates.
"This new, renewable energy generating plant will power businesses and light homes across the country," Koike said.
It is the first time for a Korean consortium to construct a hydropower plant in Pakistan and will be a big help in Pakistan's effort to end its energy crunch, said the lender dedicated reducing poverty in the Asia Pacific region. The project is due to be completed in four years.
ygkim@yna.co.kr
(END)
Korea Water Resources Corp., Daewoo Engineering & Construction Co, and Sambu Construction Co. established a special company called Star Hydro Power Limited, which will set up the 147-megawatt run-of-the-river Patrind hydropower plant between the Kunhar and Jhelum rivers near the Muzaffarabad district.
The ADB will provide US$97 million to help fund the new private sector hydroelectric plant in Pakistan, which will ease power shortages and create thousands of new jobs.
"Shops and factories across Pakistan are having to scale back operations because of electricity shortages," said Takeo Koike, principal investment specialist of ADB's private sector operations department.
Pakistan has an acute shortage of power, estimated at over 4,200 megawatts during peak demand, which has led to worsening brownouts and blackouts across the country, necessitating power rationing.
Most of Pakistan's energy is generated from imported oil, putting a severe strain on the country's finances as global oil prices rise and the local currency depreciates.
"This new, renewable energy generating plant will power businesses and light homes across the country," Koike said.
It is the first time for a Korean consortium to construct a hydropower plant in Pakistan and will be a big help in Pakistan's effort to end its energy crunch, said the lender dedicated reducing poverty in the Asia Pacific region. The project is due to be completed in four years.
ygkim@yna.co.kr
(END)
