A tripartite agreement was signed between the Chinese corporation and the governments of Pakistan and China for the development of the $2.4 billion $1.124 megawatt Kohala Hydropower project.
Prime Minister Imran Khan, Azad Jammu and Kashmir Prime Minister Raja Farooq Haider, federal cabinet members, Chinese Ambassador to Pakistan Yao Jing, China Pakistan Economic Corridor (CPEC) authority, Chairman Lt. Gen. (R) Asim Saleem Bajwa and Chinese company representatives attended the signing ceremony at PM Office. It is the biggest investment in a single independent power producer (IPP) in the power sector of $2.4 billion.
The Kohala Hydropower Project, which is being built under CPEC on Jhelum River in Azad Kashmir, was awarded to Kohala Hydropower Company Ltd (KHCL), a subsidiary of China Three Gorges Corporation (CTGC).
The Prime Minister said on a single project, the Kohala Hydropower Power Project drew the largest investment ever made in Pakistan. Pakistan welcomed the project, as it could also set a trend for Pakistan to continue moving towards renewable energy in order to minimize reliance on imported coal.
The prime minister told the AJK prime minister that during the construction as well as the operations, the project would also generate much-needed jobs for young people.
Extracted from City42 News