16 local banks particiapte in road show

LAHORE: The Pakistan Water and Power Development Authority (WAPDA) held a road show in Karachi to appraise local banks about investment potential of Dasu Hydropower Project with a view to seek their collaboration for funding the project.

According to a press release issued here on Friday, the heads of investment of 16 leading local banks participated  in the road show. A Wapda team headed by its member (Finance) and Member (Water) introduced the project with emphasis on possible modalities of investment in the project.

It highlighted the vast lucrative investment opportunities  in the project. It was informed that Wapda was seeking an investment of around US $1 billion from the local banks that may take benefit of the opportunity by constituting their consortium to invest in the project through workable instrument.

The participants were told that World Bank had provided $588 million for Dasu Hydropower Project as first tranche and will provide $533 million as second tranche.

In addition, the World Bank will also help raise $920 million from the international and local markets by offering its guarantee.

The local banks, showing their keen interest, appreciated Wapda’s initiative. They said the banks would thoroughly examine various proposals presented in the road show and respond accordingly.

It is pertinent to mention here that Dasu Hydropower Project is a run of river project on river Indus located seven kilometres upstream of Dasu Town in District Kohistan of Khyber Pakhtunkhwa (KPK). A total installed capacity of the project is 4,320 MW and it will be constructed in two stages of 2,160 MW each. The Stage-I of the project, to be completed in a period of five years, will contribute 12 billion units of low-cost and environment-friendly hydel electricity to the national grid per annum.

Source: APP