Thursday, July 4, 2024 05:45 PM
World Bank boosts Dasu Hydropower Project funding
- Additional $1 billion funding secured for Dasu Hydropower Project
- Capacity of 4,320 to 5,400 MW expected upon completion
- Project aligns with Pakistan's goal of 60% renewable energy by 2031
Image Credits: brecorderThe Dasu Hydropower Project in Pakistan receives $1 billion boost from the World Bank to enhance energy supply, promote sustainable practices, and uplift local communities.
The Dasu Hydropower Stage I (DHP I) Project in Pakistan has secured an additional $1 billion in funding from the World Bank to bolster its efforts in enhancing hydropower electricity supply and improving access to essential services for local communities. This financial support will also strengthen the capacity of the Water and Power Development Authority (WAPDA) for future hydropower projects.
The Dasu Hydropower Project, situated near Dasu Town in Khyber Pakhtunkhwa, is a crucial development for Pakistan's energy sector, which faces challenges in securing affordable, reliable, and sustainable energy sources. Once completed, the project is expected to have a capacity ranging from 4,320 to 5,400 MW, contributing significantly to greener energy production and reducing electricity costs for the country.
Implemented in stages, the current phase, DHP-I, will generate 12,225 GWh/year of renewable energy with a capacity of 2,160 MW. The subsequent phase, DHP-II, is projected to add 9,260 to 11,400 GWh/year. This initiative aligns with Pakistan's target of increasing renewable energy to 60% by 2031, aiming to reduce dependence on fossil fuels and achieve substantial cost savings.
The additional financing not only expands electricity supply but also has the potential to save Pakistan an estimated $1.8 billion annually by curbing fuel imports and offsetting around 5 million tons of carbon dioxide emissions. The economic returns of DHP-I are forecasted to be around 28% annually. Moreover, the funding will support socio-economic programs in Upper Kohistan, focusing on education, healthcare, employment, and transportation.
The approval of additional funding for the Dasu Hydropower Project marks a significant step towards enhancing Pakistan's energy sector, promoting sustainable energy practices, and improving the well-being of local communities. With a focus on renewable energy development and economic benefits, this project showcases the country's commitment to a greener and more prosperous future.
