The International Finance Corporation (IFC, part of the World Bank Group), has approved a US$100m investment in the 720 MW Karot run-of-river hydropower project in Pakistan, which has now reached financial close.
The Karot project is one of the largest private sector renewable energy projects in the country and will help address severe power shortage and spur growth. Karot is the fourth of the five hydropower plants to be built on River Jhelum in Pakistan; the Azad Pattan plant will be built upstream and the Mangla plant will be built downstream. Karot will consist of four 180 MW units and will be developed under a 30-year Build Own Operate Transfer (BOOT) scheme. Commissioning is expected in five years (by 2022) and the project is expected to generate nearly 3 TWh/year of power.
The project will be developed under the China-Pakistan Economic Corridor (CPEC) programme and will be built by China Three Gorges South Asia Investment Ltd, in which IFC acquired a 15% stake in 2015. IFC is supporting a number of hydropower plants in the Jhelum-Poonch Watershed in Pakistan, totalling some 2,750 MW.
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