By Ayesha Saba

ISLAMABAD, July 15 (INP-WealthPK): Karot Hydropower Project's successful commercial operation under the framework of China-Pakistan Economic Corridor (CPEC) will help the national grid by easing the energy crisis.

The Chinese Three Gorges Corporation has made investment in this mega project, which is now made fully operational.

Muhammad Nadeem, Director of Hydropower Projects under the Private Power and Infrastructure Board (PPIB), said while talking to WealthPK that Pakistan needs such projects to cater to the needs of energy.

Pakistan is facing electricity outages nowadays with a shortfall exceeding 7,000MW. Power generation is one of the most imminent challenges while achieving economic uplift, particularly the industrial advancement.

“Since hydropower is sustainable, renewable, clean, affordable, and may serve as the primary source of energy, it is the best available option to address the challenges of our country's future energy demands,” he said.

Nadeem said it is imperative to put all-out efforts towards the development of the untapped hydropower potential. Since Pakistan has abundant hydropower resources, the government is facilitating private investors to promote hydropower generation.

“Karot Hydropower Project will meet the electricity needs of about 5 million people, which will ease power supply pressure in the country. Both Pakistani and Chinese leaderships are making efforts for green, clean, and sustainable energy,” he stated.

Nadeem said investment in hydroelectric projects will produce short and medium-term economic benefits during the construction and operational phases, and long-term benefits due to supply of electricity for productive purposes which will bring the economy on upward trajectory.

“In spite of Pakistan's long-standing interest in building mega-dams along the Indus flowing from the Himalayas, it has faced difficulties to raise debt on the international stage. Pakistan’s ambitions in this respect have been revived by China’s Belt and Road Initiative,” he mentioned.

According to the Chinese Foreign Ministry spokesperson Zhao Lijian, Karot Hydropower Project is a priority project for energy cooperation, and the first large-scale hydropower investment project under CPEC.

Karot Hydropower Project has total installed capacity of 720MW. It is expected to generate some 3.2 billion kilowatt-hours of clean electricity per year, and provide stable and cheap energy to Pakistan.

The foreign direct investment (FDI) under the umbrella of CPEC is a major opportunity for Pakistan, especially in the arena of resolving Pakistan’s energy crisis. CPEC includes the construction of many power production projects, which are getting priority because electricity is also required for the construction of CPEC. The electricity, thus produced will also help in addressing energy shortfalls in the country as energy will be used to achieve the vital policy objectives of economic advancement and poverty alleviation.

Credits: INP-WealthPk