A Chinese firm will complete the $1.74 billion Karot hydropower project of Pakistan in two years, which will start power generation by April 2021, China Daily reported on Wednesday, citing the developer Three Gorges Corporation.
The Karot project is China’s first overseas hydropower program, where it is to use its own technology and standards, the Chinese website said.
The developer of the hydropower project claimed that Karot will solve the power supply bottleneck in Pakistan by providing sustainable and stable energy support.
“Located on the Jhelum River in northeastern Pakistan and 55 kilometers away from Islamabad, the 720 megawatts project commenced construction in April 2015. When completed, it will produce some 3.2 billion kilowatt-hours of clean power every year, equivalent to 10 percent of the country’s total energy output from hydropower stations in 2017,” the Chinese company said.
It further added that being the first investment project of the Silk Road Fund, the hydropower project is expected to pay $23 million in taxes to the Pakistani government and provide more than 2,200 jobs for locals during peak construction period, greatly improving the job market in Pakistan.
Three Gorges Corp, which is also the builder and operator of the world’s biggest hydroelectric power project, is confident that the construction of Karot project will be completed in time.
Pakistan, located at an intersection of the Belt and Road Initiative, has been one of the most important investment markets for the State-owned company, the news website noted.
The Chinese company currently has “five greenfield investment projects in Pakistan, all being clean energy projects including hydropower and wind power, with a total installed capacity exceeding 2.6 million kilowatts, 9 percent of the country’s current installed electricity capacity, said the news outlet, citing China Three Gorges Corporation.
