Home Technology PPIB SIGNS IMPLEMENTATION AGREEMENT FOR DEVELOPMENT OF 720 MW KAROT HYDROPOWER PROJECT

PPIB SIGNS IMPLEMENTATION AGREEMENT FOR DEVELOPMENT OF 720 MW KAROT HYDROPOWER PROJECT

PPIB SIGNS IMPLEMENTATION AGREEMENT FOR DEVELOPMENT OF 720 MW KAROT HYDROPOWER PROJECT

Private Power and Infrastructure Board (PPIB) and Karot Power Company hassigned Implementation Agreement for development and operation of 720 MW Karot Hydropower Project

Exchanging documents after Sigining of IA of 720MW Karot Hydro Power Project.Managing Director, PPIB, Shah Jahan Mirza on behalf of Government of Pakistan and CEO Karot Power Company, Mr. Sheng Zhendong executed the Implementation Agreement here today in the PPIB office.The run of the river, priority project of China Pakistan Economic Corridor islocated at River Jhelum on the boundary between AJK (DisttKotli) and Punjab (Distt Rawalpindi) Punjab)  having capability to generate clean, reliable and affordable 3.249 Billion units of electricity per year for the national grid. As per the feasibility study, the estimated cost of the project is 1698 million US $.Managing Director, PPIB said that the Government attaches top priority to generate electricity at affordable prices. In line with the policy of the government, PPIB is handling & facilitating the development of 26 projects of  cumulative14000 MW comprising hydropower and coal based projectsto meet the future energy requirements. In addition, 3600 MW RLNG based projects in public sector are also being facilitated by PPIB.The Project is being developed by Karot Power Company Private Limited,comprising of M/s Three Gorges South Asia Investment Limited (TGSAIL),a subsidiary of China Three Gorges Corporation, China- CTGC, owner and operator of world’s biggest hydropower project i.e. 22500 MW China Three Gorges hydropower project, and Associated Technologies (Pvt) Ltd of Pakistan.The Project is being implemented on Build-Own-Operate-Transfer (BOOT) basis under provisions of power policy 2002.After commissioning/ completion of construction, the Project Company will operate and maintain the Project for thirty (30) years after which it will be transferred to the Government of Punjab at a notional price of one (01) Rupee. Further, during operation and maintenance of the Project, the Government of Punjab as well Government of AJ&K will receive 1380 million PKR per annum on account of water use charges.

 

Must Read

VIVO Y SERIES LINEUP DEFIES ALL YOUR SMARTPHONE WORRIES

Are you looking for a smartphone that complements your way of life? Do you also want your phone to reflect your style and take...

JazzCash Partners with Haball for Digitized Supplier Payment Solutions

JazzCash, Pakistan’s leading fintech, has collaborated with Haball, a supplier payment digitization company as its partner to help in digitizing supply chain payments. With...

OPPO Unravels Infinite Possibilities with its New Reno5 Pro Equipped with 5G Technology

4rd March 2021: With smartphones available with futuristic features, OPPO the smart device brand is taking innovation to a whole new level with its...

Realme to launch a new gaming series in Pakistan very soon

Some rumors suggested realme was prepping to present a new series of smartphones in Pakistan. The brand has finally confirmed through its social media...

Pakistan Tobacco Company takes a giant leap towards reversing deforestation

Pakistan Tobacco Company takes a giant leap towards reversing deforestation  Islamabad: Pakistan Tobacco Company Limited (PTC) in collaboration with the Ministry of Climate Change inaugurated...