ISLAMABAD, July 7 (Xinhua) -- The concessional agreement of the 700.7-MW Azad Pattan Hydropower Project under the China-Pakistan Economic Corridor (CPEC) has been signed, a breakthrough for the implementation of the project, according to China Gezhouba Group.
The signing of the agreement between China Gezhouba Group, the investor of the project, and the Pakistani side was witnessed on Monday by Pakistani Prime Minister Imran Khan, Chinese ambassador to Pakistan, ministers and representatives of the project partners.
Addressing the signing ceremony, Prime Minister Khan expressed pleasure over the progress of the project, adding that it would provide green and cheap energy and would help the country save the environment.
"I am happy because this project is under CPEC and it is not a loan but an investment which will benefit Pakistan from all sides," said the prime minister during the ceremony telecasted live at local TVs, adding that CPEC is a great project which would take Pakistan to progress.
According to China Gezhouba Group, the project on a build, own, operate and transfer (BOOT) basis will be built at the Jhelum River. With a total investment of 1.54 billion U.S. dollars, the construction period of the project is expected to be 69 months and the hydropower plant will be generating some 3.265 billion units of clean energy per year and provide relief to the water shortage in the local areas once commissioned.
A large number of jobs will also be created during the construction period of the project, and the development of local transportation industry, building materials industry and other hydropower related industries will be promoted, said the Chinese company.