Mira Power Limited, subsidiary of Korea South-East Power Co. Ltd: ("KOSEP"), is owner and developer of Gulpur HPP. KOSEP owns and operates about 10,000 MW generation capacity worldwide and has an asset base of USD 9 billion. The 102 MW Gulpur Hydropower Project located in Kotli District of Azad Jammu & Kashmir is bang developed under Government of Pakistan power policy 2002 on BOOT basis.
The Korean sponsors acquired this virtually dormant Project in 2013 to develop this on fast track in an effort to contribute their part in addressing the power crisis of Pakistan. The seriousness and commitment of Korean sponsors is evident from the fact that they were involved in all those private hydro which has made concrete progress to date ie New Bong Hydro, Patrind Hydro and Gulpur Hydro.
In a short span substantial development progress has been achieved. The financing arrangements of the Project are complete through all-star lending group comprising of IFC, K-Exim Bank, ADB (pending board approval), Netherlands Development Bank (FMO) and Commonwealth Development Corporation (CDC).
IA with GOP and GOAJK stand executed. Land acquisition is complete and water use agreement has also been signed. Construction of the Project has already been started through world renowned EPC consortium led by Daelim Industrial Co. and formal financial closing is expected by end of April 2015. A Joint Venture of MWH and NESPAK are the owner engineer for the Project. The Project shall start delivering the cheap and sustainable power to the gird by end of year 2018.
This Project is expected to create a high standard of environmental compliance in Pakistan by meeting the stringent policy requirements of international development banks. A comprehensive biodiversity action plan shall be implemented on river basin level to ensure the "net gain" in the population of endangered species like Golden Mahasheer and Kashmir catfish. NGOs like World Wide for Nature (WWF) and Himalayan Wildlife Foundation (HWF) and IUCN are supporting the project development and seeing this as an opportunity to improve the biodiversity of Poonch River.
This is a run of river scheme with concrete gravity dam of 66 meters, power intake, waterway tunnel and powerhouse as the major structures.
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