CPEC: Mega hydropower project completion date announced

CPEC: Mega hydropower project completion date announced

BEIJING - The Karot hydropower project, being developed on build-own-operate-transfer (BOOT) basis under China-Pakistan Economic Corridor (CPEC), is scheduled to be completed by the year 2020.

The project was launched at the end of 2015 and after completion, it will be operated by the construction contractor for 30 years. Afterward, the ownership will be transferred to the Pakistani government at no cost, according to a report of Chian.org.cn here on Thursday.

With an investment of US $1.74 billion, the power station will have an installed capacity of 720MW and an average annual output of 3.2GWh, equivalent to 10 percent of Pakistan’s total hydroelectric power generation in 2017.

This will provide reliable energy support for economic and social development. In addition to power generation, it will help flood prevention and sediment control, and improve downstream and reservoir area transport services.

The project is expected to create more than 2,000 new jobs during the construction period, and will spur coordinated and upgraded development in related sectors.

The Karot hydropower project is located on the Jhelum River, one of the rivers of the Indus River System in northern Pakistan, about 55 kilometers east of Islamabad.

It is the first hydropower project implemented under the Belt and Road Initiative, and the first project financed by the Silk Road Fund since its inception in 2014.

It is also one of the priority projects of the China-Pakistan Economic Corridor and the largest greenfield investment project ever undertaken overseas by a Chinese company.