ISLAMABAD: Pakistan and China signed an agreement for the construction of $1.5 billion Azad Pattan Hydel Power Project, Chairman CPEC Authority Asim Saleem Bajwa said on Monday.
Prime Minister Imran Khan witnessed the signing ceremony.
Addressing the ceremony, the prime minister said the China-Pakistan Economic Corridor (CPEC) project will prove to be a milestone in the country’s development and prosperity.
He said China is emerging as an economic power on the world’s map and we can learn a lot from our neighbor.
Meanwhile, Lt Gen (retd) Bajwa said 3000 jobs would be created through the mega project and it would provide an annual income of Rs1.38 billion to Punjab and Azad Kashmir from water use.
He added, “With an investment of $1.5 billion, no fuel import, we are moving towards cheaper and greener power.”
Last year in November, Pakistan and China agreed to include 700 megawatts Azad Pattan hydropower project under the CPEC. which is to be financed through Chinese currency.
Azad Pattan hydropower project is a run-of-the-river scheme on the River Jhelum, in the Azad Jammu and Kashmir, with a capability of four hours of daily peaking.
The project would be located near the Azad Pattan bridge upstream of 720 MW Karot hydropower project and downstream of 640 MW Mahal hydropower project and would be part of the River Jhelum hydel cascade.
The project would deliver approximately 3.3 billion units of clean, renewable energy in the grid after its completion in 2026.
Being developed under the 2002 power policy, the project would be transferred free of cost to the government after the term.