LAHORE, Dec 19: Wapda on Wednesday awarded the contract of 969MW Neelum-Jhelum hydroelectric project to a Chinese firm. Estimated to cost Rs90.9 billion, the project is scheduled to be completed by 2015.

Briefly speaking after the singing ceremony, Wapda Chairman Shakeel Durrani said total cost of the project was Rs128 billion which also included acquisition of land and other expenditures.

He said 5.15 billion units worth Rs25 billion would be produced annually with a 26 per cent rate of return which, he said, was the highest than all other existing projects in the country.

About the funding, he said Rs60 billion would be arranged by the Government of Pakistan and Wapda while the remaining would be managed through banks.

Shakeel Durrani said currently most of the energy demands were being met through thermal power projects. But their power generation cost was burdening domestic, commercial and industrial consumers

Member (Water) Muhammad Mushtaq Chaudhry, Member (Power) Fazal Ahmad Khan and other senior officials of both the stakeholders were present on the occasion.—APP