Saudi Fund for Development invests in clean energy projects in Pakistan

In a significant move towards bolstering Pakistan’s clean energy initiatives, the Saudi Fund for Development has recently inked two pivotal agreements with Pakistan.

The agreements, valued at a total of $101m, aim to finance the Establishment of the Shounter Hydropower and the Jagran-IV Hydropower Projects through soft development loans.

The first agreement focuses on the construction of the Shounter Hydropower station, boasting a capacity of 48 megawatts (MW), which will be integrated into Pakistan’s national grid. This ambitious project encompasses the construction of dams, water diversion and purification structures, excavation of main water transport tunnels, powerhouse construction, discharge tunnel development, as well as the supply of essential equipment, devices, and transmission lines.

Simultaneously, the second agreement covers the establishment of the Jagran-IV Hydropower Project, with a capacity of 22MW, also intended to be linked to Pakistan’s national grid.

This venture consists of the construction of dams, powerhouses, water diversion and purification buildings, along with the provision of generators, transformers, necessary equipment, and transmission lines.

The Saudi Fund for Development: Advancing clean energy projects and other development initiatives

The fund has been a longstanding supporter of Pakistan’s development endeavours.

Since 1976, the fund has financed the implementation of 41 development projects and programmes through soft development loans and generous grants, totalling over $1.4bn.