IFC to invest $60m in hydro-power project in Pakistan

Star Hydro Power will receive a loan of $60m from the International Finance Corporation (IFC), a member of World Bank Group to support the construction of a hydro-power project in Pakistan.

The 147 MW run-of-the-river power plant is the largest privately financed hydro-power development in the country. The $409m project is financed by Export-Import Bank of Korea, Asian Development Bank and Islamic Development Bank. Water utility company Korea Water owns 80% of Star Hydro Power, which is delivering the project. The project is expected to reduce the country’s reliance on imported fuel for power generation, reports pakobserver.net.