LAHORE, Jan 28: Wapda and Dongfang Electric Corporation of China on Monday signed a contract for the 450MW Nandipur power project worth $329 million.

Speaking on the occasion, Tariq Hameed, Federal Minister for Water and Power, said this was the first project handed over to Wapda after 17 years.

He said another hydel power project of 550MW in Chichoki Malian would be inked during the next month.

Munawwar Baseer Ahmad, PEPCO MD, said the Bank of Punjab and Bank of France would lend money for the project.

LOADSHEDDING: Later talking to newsmen, the minister said loadshedding would be reduced after a couple of days, but it would not finish completely.

He said more water had been released from Mangla and Terbela dams from Monday’s evening so there would be sufficient water to generate electricity.

Tariq Hameed said Wapda would shut down electricity for half an hour after every four hours.—APP