The Asian Development Bank (ADB) has approved a $ 300 million loan to fund the construction of a 300 megawatt hydroelectric plant that will increase Pakistan’s share of clean energy and improve the country’s energy supply.
According to the details, the hydroelectric plant will add 1,143 gigawatt hours of clean energy to the country’s energy mix annually, increasing the reliability and resilience of the energy sector. The station, which will include seismic and climate mitigation measures, will be built on the Konhar River near the town of Balakot in Khyber Pakhtunkhwa province and will be operational in 2027.
The government will inject $175 million in the project. It also requested a loan of US $ 280 million as co-financing for the Asian Infrastructure Investment Bank project.
Adnan Tarin, energy specialist at the Asian Development Bank said on the occasion:
Pakistan is extremely vulnerable to climate change as water and energy resources are at particular risk from floods, droughts, high temperatures and other extreme weather events,” said . “In line with Pakistan’s climate change adaptation and mitigation priorities, this climate-resilient hydroelectric plant will boost clean energy production in the country by efficiently using its vast water resources.
The Balakot hydroelectric power station will also contribute to the economic activity and professional development of local residents. During construction, the project will create more than 1,200 jobs, around 40% of which will be created locally, and will develop livelihood skills for women.
The Community Development Program will help improve livelihood opportunities for affected families and neighboring communities, including women and vulnerable populations. This will help increase economic resilience and improve the ability of affected people to cope with climate change, natural disasters and other threats.
The facility will significantly increase the revenue of the Pakhtunkhwa State Power Development Authority, which is responsible for the operation of the Khyber Pakhtunkhwa hydroelectric plants. This will help reduce the average daily workload in the province and meet the needs of the country.
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