KP Govt, Chinese Company Sign Agreement For Construction Of 300 MW Balakot Hydro Power Project

Khyber Pakhtunkhwa government Tuesday signed contract agreement with a Chinese company for construction of 300 MW Balakot Hydro Power Project

PESHAWAR, (UrduPoint / Pakistan Point News - 9th Mar, 2021 ):Khyber Pakhtunkhwa government Tuesday signed contract agreement with a Chinese company for construction of 300 MW Balakot Hydro Power Project.

The 300 mega watt, the biggest-ever power project of Khyber Pakhtunkhwa would be constructed with an estimated cost of Rs 85 billion in a period of six years with the financial assistance of Asian Development Bank.

A ceremony to this effect was held here with Khyber Pakhtunkhwa Chief Minister Mahmood Khan as chief guest. The authorities concerned of Pakhtunkhwa Energy Development Organization and Chinese Construction Company signed the contract agreement to start practical work on the project.

Besides, Provincial Minister for Finance Taimur Saleem Jhagra, Advisor to KP CM on Energy Himayatullah Khan, the event was also attended by the higher authorities of the Energy and Power Department.

Speaking on this occasion, the chief minister termed the project as of vital importance for the province and a milestone achievement of the provincial government.

He said the ground breaking of the project is expected to be performed in mid of next month, adding, Prime Minister Imran Khan himself, is expected to perform the ground breaking ceremony of the mega project.

Mahmood Khan stated that the project on completion, would play an important role in boosting industrial activities, job creation and overall development of the province.

He added that during the construction phase, the project would generate around 4000 job opportunities whereas on completion would generate an estimated income of Rs 14 billion per annum for the province.

Mahmood Khan maintained that power generated by Balakot Hydro power project would be provided to local industries as well as domestic consumers on comparatively cheaper rates.

The chief minister said the provincial government was taking result oriented steps under a well devised strategy to ensure optimum utilization of the hydro power potentials of the province with the aim to meet its energy requirements and strengthen its economy.

He said that so far various hydro power projects with a total capacity of 160 mega watts have been completed under PEDO, whereas work is in progress on various other projects having a total capacity of 216 Mega watts.