Azad Pattan Power Private Ltd has signed water use and implementation agreements with the Government of Azad Jammu and Kashmir for the 701 MW Azad Pattan hydropower project on the Jhelum River. Azad Pattan Power Private Ltd is a joint venture between China Gezhouba Group and Pakistani renewable energy developer Laraib Group. The consortium was awarded the project under a build-own-operate-transfer (BOOT) basis for a term of 30 years. The project, which is developed within the China-Pakistan Economic Corridor (CPEC) framework, will require a US$1.4bn investment, financed by a consortium of lenders including China Development Bank, China Construction Bank, Industrial & Commercial Bank of China and Bank of China. It has already secured water use agreement and tripartite power purchase agreements with the Government of Punjab. The power plant and is expected to be commissioned in 2027, when it should generate 3.3 TWh/year.
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