The Water and Power Development Authority (Wapda), besides execution of mega hydropower projects including Mohamand, Dasu and Diamer Basha hydropower project, is currently undertaking its credit rating process with the aim to diversify its financing avenues through a green Eurobond issuance.
According to sources Wapda aims to issue up to $500 million of long-term dollar-denominated green bonds by March 2021 to fund its long-stalled mega-projects. WAPDA has planned four to five tranches of the bond and it will tap the international environmentally-minded investors with $100 million worth of issue each year for the next five year period.
Mohmand Dam and Diamer Bhasha Dam will be funded by the funds generated by green bonds.
Wapda in recent years has successfully generated funds for its development projects from the financial and capital markets. The Neelum-Jhelum and Tarbela 4 projects were completed from the funding arranged through local banks.