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A helping hand for Pakistani hydropower: The Saudi Fund for Development (SFD) will provide USD 101 mn to Pakistan under two loan agreements to fund the establishment of two hydropower plants with a combined capacity of 70 MW, SPA reported on Friday.
What we know: The SFD will earmark USD 66 mn in development soft loans for the 48 MW Shounter Hydropower Project and USD 35 mn for the 22 MW Jagran-IV Hydropower Project. The allocated funding package will be channeled toward infrastructure development, including dam construction, water diversion, purification structures, excavation of the main water transport tunnel, powerhouse and discharge tunnel construction, and equipment, devices, and transmission line supply.
REMEMBER- This is not the first Pakistan-bound development package courtesy of SFD: The SFD approved a USD 240 mn soft loan in April last year to finance Pakistan’s Mohmand Hydropower Dam Project. The USD 2.2 bn project will generate 800 MW of clean energy once operational. SFD has provided Pakistan with over USD 1.4 bn in development soft loans and grants for the implementation of 41 development projects since 1976.
All under Pakistan’s clean energy push: Pakistan has set an ambitious target to have renewables comprise 60% of its power mix by 2030 with a conditional target of an overall 50% reduction of its projected greenhouse gas emissions by the end of the decade.
