Water and Power Development Authority (WAPDA) is confident that it will commission the first unit of Neelum Jhelum Hydropower project in July 2017 by producing some 242MW electricity. Talking to newsmen here Wednesday at the signing ceremony for financing of Rs 100 billion for Neelum Jhelum Hydropower Company (Pvt) Limited, WAPDA Chairman Zafar Mahmood said that with financial arrangements in place, hopefully first unit of NJHPC will start operation in July 2017 followed by phased completion of the other three units by the end of December 2017.
Neelum Jhelum Hydropower project has an installed capacity of 969 MW and on completion, the project will contribute 5.15 billion (annually) units of low-cost and environment friendly electricity to the national grid per annum, he added. "We are confident that with the commissioning of this project in December 2017, loadshedding in the country will be reduced significantly," he added.
He said this project falls under 'green energy' that will fetch total revenue of up to Rs 50 billion annually for to WAPDA annually as per existing tariff and will continuously increase in subsequent years. It will also avoid annual release of 2.5 million tons of CO2 from an equivalent thermal power plant and for the first time new technology development like TBMs, Needle Beam Formwork for tunnel concrete lining has been introduced in Pakistan.
Chairman WAPDA further said that, besides Rs 100 billion Shariah-complaint financing from 16 domestic banks, another $576 million financing facility will be provided by the China Exim Bank and very soon federal finance minister will visit China to sign the financing facility. He said this is the biggest-ever quantum of funds that has been arranged from the local banks for any public sector project in the history of Pakistan. This is the biggest-ever funds mobilisation for a public sector entity in the history of Pakistan in which 16 local banks have participated. Achieving this milestone reflects not only investor confidence in the federal government and WAPDA but also indicates the potential of investment that hydropower sector offers in the country, he added.
Chairman WAPDA said that the issuance of Sukuk worth Rs 100 billion for NJHP will go a long way in arranging funds for other hydropower projects as well to be implemented in the country in near future. He said that Neelum Jhelum Hydropower Project is a world class underground power generation facility being constructed on River Neelum in Azad Jammu & Kashmir. The project envisages 90 percent construction work under high mountainous overburden and only 10 percent above the surface. He said that construction work on the project is progressing at a fast pace and overall progress on the project stands at around 82 percent so far.
He said the Neelum Jhelum Project is a hydropower generation facility that envisages the diversion of Neelum River water through tunnels which falls into Jhelum River after producing power. This mega hydropower project has been undertaken in the country long after completion of Mangla and Tarbela Dam projects. A power house is being constructed at Chattar Kalas, some 22 kilometres south of Muzaffarabad and the difference in height between Nauseri (Dam Site) and Chatter Kalas (power house) is about 280 meter, which is the gross-head available for power generation of 969MW, he added. Chairman WAPDA said that some 14 workers have lost their lives during this project initiated in 2008. He also expressed gratitude to the Prime Minister, Federal Minister for Water and Power and Federal Minister for Finance for their guidance and continuous support in arranging the record amount for NJHP.
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