Karachi: Master Hydro Power is going to set up a 99 megawatt hydroelectricity project in Chitral, a news source reported. A joint venture of Master Textile Mills and Chinese Huadong Engineering Corporation, it won the bid to set up the project and is the first such project resulting from a competitive bidding process.
The project is to be developed as an independent power producer on a build-own-operate-transfer basis. Master Textiles proposed a total cost of USD 223.76 million, which translates to USD 2.26 million/MW, while Fatima Group, the only other pre-qualified company to submit bids, proposed a total cost of USD 283.65 million or USD 2.87 million/MW.
According to Pakhtunkhwa Energy Development Organization, the bid received from Master Textile Mills Limited and Huadong Engineering Corporation Ltd. is substantially responsive with regards to “completeness, competitiveness and reasonableness, and has the lowest rank”.
