Three agreements were signed last week that should advance development of the 102-MW Gulpur hydroelectric plant on the Poonch River in Pakistan.
The agreements were signed for implementation, water use and a land lease for the project.
Gulpur is only the third privately-developed hydropower project being built in Pakistan. It is located in the Kotli district of Azad Jammu & Kashmir (AJK) and is being developed under Pakistan’s Power Generation Policy 2002, says AJK Prime Minister Chaudhry Abdul Majid.
Mira Power Limited and the AJK government were signers of the agreements.
The Gulpur project is to achieve financial close by the end of April 2015, according to Mira Power Chief Executive Officer Yoon Tae Hak. The powerhouse is expected to begin generating by the end of 2018.
Korea South-East Power (KOSEP) is the parent company of Mira Power, a special-purpose company set up to design, construct, own, operate and maintain the plant.
Funding is coming from a variety of sources, including up to US$60 million from the World Bank’s International Finance Corporation.
MWH is serving as owner’s engineer for Gulpur.
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