WAPDA, ADB discuss future financing opportunities for power projects

May 23, 2024 (MLN): A delegation of Asian Development Bank (ADB) Alternate Executive Directors visited Water & Power Development Authority (WAPDA) House on Thursday and discussed financing opportunities for WAPDA projects.

The meeting was attended by Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd), Member (Finance), GM (Projects) South and PDs of various WAPDA projects, as APP reported.

GM (C&M) Water, GM Finance (Water/Power), Advisor (Hydro Resource Management) WAPDA and Advisor (Hydro Planning) WAPDA were also present in the meeting.

The delegation was briefed that Pakistan possesses about 70,000 MW of identified potential of hydropower generation.

WAPDA owns and operates 22 hydel power stations with a cumulative generation capacity of 9459 MW, which will be more than double with phased completion of its ongoing projects from 2025 to 2028-29, adding about 10,000 MW clean, green and economically most affordable electricity.

WAPDA plans to improve the ratio of low-cost hydel electricity in the National Grid from existing 29% to 40% by 2030 and 50% by 2050.

The delegation was also informed about the progress on ADB-funded WAPDA projects namely Naulong Dam Multi-purpose Project, Kurram Tangi Dam Stage-II and Patan Hydropower Project.

WAPDA’s development portfolio consisting of under-construction and ready-for-construction projects including Mohmand Dam, Diamer Basha Dam and Keyal Khwar were also presented to the ADB delegation for consideration of financial assistance.

The Member (Finance), apprised the delegation about salient features of WAPDA’s financial strategy.

He said WAPDA enjoys technical and financial credibility amongst the international financial institutions including the World Bank.

The Chairman, in his welcome remarks, terming ADB a valuable partner, said that WAPDA has immensely benefitted from the Bank’s support. Besides triggering socio-economic development of the people, WAPDA projects also contribute to the strategic goals of mitigating climate change and generating green energy.

The Chairman suggested that ADB may upscale its engagements with WAPDA from medium to large and then to strategic projects.

Appreciating the institutional strength of WAPDA, the delegation showed interest in exploring ways and means to enhance financing of upcoming WAPDA projects.

Copyright Mettis Link News