The 300MW project is believed to be the biggest-ever power generation plant Khyber Pakhtunkhwa (KP) . The estimated cost of construction for this mega project would be Rs85 billion in a period of six years with the financial assistance of the Asian Development Bank, said an official statement.
KP Chief Minister Mahmood Khan was the chief guest at the signing ceremony. KP Finance Minister Taimur Saleem Jhagra and Adviser to CM KP Himayatullah Khan were also present at the event along with the high-ups of the energy and power department. Officials of the Pakhtunkhwa Energy Development Organisation (PEDO) and China Gezhouba Group signed the agreement.
Addressing the ceremony, CM khan termed the agreement as a milestone achievement of the provincial government and called it a project of vital importance for the province.
The groundbreaking of the mega-project will be performed by mid-April by Prime Minister Imran Khan, he announced.
He further stated that the project would play a significant role in stimulating industrial activities, job creation and overall development of the province. During the construction phase, the project is expected to generate around 4,000 job opportunities and upon completion, it is expected to generate a revenue of Rs14bn per annum, he added.
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The CM ensured that the power generated by Balakot hydropower project would be provided to local industries as well as to domestic consumers at relatively cheap rates.
The current provincial government was taking result-oriented steps under a well-devised strategy to optimally utilize the hydropower potential of the province with the aim to meet its energy requirements and strengthen its economy, said the KP CM.
Till now various hydropower projects with a total capacity of 160MW have been completed under PEDO, whereas work is in progress on various other projects having a total capacity of 216MW.
Hydropower plants have a variety of benefits. They generate power to the grid immediately and also provide necessary back-up power during major electricity outages. In addition to a sustainable fuel source, hydropower efforts also help with flood control, water supply and irrigation.