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KARACHI: The Islamic Development Bank (IDB) would extend long term lease finance (Ijara) facility up to US $60 million to Star Hydro Power Limited for the development of the Patrind hydropower project.
A message received here on Wednesday said that the Korea Water Resources Corporation (K-Water), the leading water resources and hydropower provider in South Korea, is the main sponsor of the project.
It said that the Daewoo Engineering and Construction Limited and Sambu Construction Company Limited are the other sponsors as well as the EPC contractors in the project. The project, it was pointed out, will add a net generation capacity of 147 MW to the national grid.
The project is expected to become operational from year 2016 and supply clean energy under a 30 year contract with the National Transmission and Dispatch Company (NTDC) of Pakistan.
It was further pointed out that the project will help Pakistan in increasing the utilization of renewable resources to generate power in an economically sustainable manner and reduce dependency on imported fuel.
The project brings in significant amount of foreign direct investment, creates positive economic impact and helps reduce carbon emission.
