IFC to provide $100 million for 720 MW Karot hydro plant in Pakistan

The International Finance Corporation (IFC) will provide $100 million for the 720 MW Karot run-of-the-river hydropower plant on the Jhelum river in Pakistan. It is one of the country’s largest renewable energy projects in the private sector and will be developed by the Karot Power Company, a special purpose vehicle in which China Three Gorges South Asia Investment Limited (CSAIL) holds the majority share. The project entails an investment of $1.7 billion and is expected to generate 2,970 GWh of net energy annually. IFC’s investment marks its first project finance transaction with the China Three Gorges Corporation (CTGC), after it acquired a 15 per cent stake in CSAIL, which is CTGC’s renewable energy platform company in Pakistan.

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