Commerce minister meets KOEN delegation

ISLAMABAD
Federal Minister for Commerce Jam Kamal Khan met a delegation of Korea South-East Power Company (KOEN) at the Minister’s Office to discuss the company’s proposed investment in Pakistan’s hydropower sector and matters relating to its two projects in Swat.
The delegation was led by KOEN Chief Executive Officer Mr. Kim Min Young and included Mr. Jang Sungkyu, Deputy Chief Executive Officer; Mr. Javid Rashid Chaudhary, Chief Operating Officer; Mr. Asim Javed, Director Finance; and Mr. Shahid Javid, General Manager Project Development, said a release issued here on Wednesday.
Mr. Asim Javed, Director Finance, gave a detailed presentation to the Federal Minister on KOEN’s investment profile in Pakistan, progress on its projects, financing arrangements, regulatory approvals and support required from relevant authorities.
The delegation informed the Minister that KOEN, a state-owned power company of the Republic of Korea, has been investing in Pakistan’s energy sector since 2011.
KOEN successfully completed the 102 MW Gulpur Hydropower Project in March 2020 and subsequently initiated two hydropower projects under the Power Generation Policy 2015: the 229 MW Asrit Kedam Hydropower Project and the 238 MW Kalam Asrit Hydropower Project in Swat.
The delegation stated that major project-related studies and approvals have been completed, including feasibility studies, environmental approvals, land-related processes, IRSA consent and grid-interconnection studies. It was further shared that approximately USD 1 billion in debt and equity financing has been arranged, while around USD 25 million has already been spent on project studies and development activities.
The KOEN delegation highlighted concerns regarding the pending tariff determination, inclusion of the projects in the draft Indicative Generation Capacity Expansion Plan (IGCEP) 2025–35, and the need for clarity regarding the future implementation of the projects.
The delegation noted that the projects could contribute to clean-energy generation, employment opportunities, local development and increased economic activity in Swat. It added that the company remains committed to Pakistan and is willing to align its commercial plans with the Government’s future energy requirements.