PESHAWAR: (APP) The government of Khyber Pakhtunkhwa on Wednesday signed an agreement of 870 MW Suki Kinari Hydro Power Project with SK Hydro Pvt Limited and Industrial and Commercial Bank of China Limited in a ceremony held here.
Provincial Minister for Energy and Power and Education Muhammad Atif Khan witnessed the singing ceremony. Under the agreement this Mega Project would be completed at a cost of Rs. 200 billion within 5 years.
The province besides getting Rs. 1.5 billion annual as water used charges would also get additional 113 MW electricity of its share. The electricity produced from this project would be transferred to National Grid for further distribution to the entire country.
After 30 years, this project would be handed over to government of Khyber Pakhtunkhwa free of cost and its full income would be given to this province, said a press release issued here.
Later, talking to media on this occasion, the energy and power minister Muhammad Atif Khan said that this project was not only useful for Khyber Pakhtunkhwa but for the entire country. It would prove helpful in removing short fall of electricity in the country.
He disclosed that KP Government was soon going to ink agreements of 69 MW Lawi, 84 MW Mataltan, 300 MW Balakot and Sharmai Hydro Power Projects and practical work would also be started on these projects soon.
Atif Khan maintained that Hydel Power generation was not only the cheap but it also puts positive environment impact as compared to coal power adding that it would also save foreign reserve of the country.
He said that these projects would go a long way in economic development of the country side by side ameliorating the lot of the common man.