项目概述

1. INTRODUCTION & BACKGROUND

1. The concession for the development of the Chakothi-Hattian 500 MW Hydropower Project (the Project) derives from a  Letter of Interest (LOI) issued by the Private Power and Infrastructure Board (PPIB), Government of Pakistan (GOP),  nominating Suhail Jute Mills Limited, as Main Sponsor. Suhail Jute Mills Limited (SJM,) is a public Listed Company incorporated under the laws of Pakistan. 查科蒂哈娣500兆瓦水电项目的开发来源于巴基斯坦政府（GOP）一个由私营电力和基础设施委员会（PPIB）发布的意向书（LOI）。该意向书提名苏哈久特米尔斯有限公司作为主发起人（该公司是根据巴基斯坦法律注册成立的上市公司）。
2. The Sponsors of the above mentioned project own, and intend to develop and operate the Chakothi-Hattian Hydropower Project.上述项目的发起人拥有并计划开发与运营该水电项目。
3. The Main Sponsor has completed, and has had approved by the Private Power and Infrastructure Board (PPIB), Government of Pakistan (GOP), a detailed Feasibility Study Report (FSR) to build a run-of-the river Hydroelectric power project on the Jhelum River in Azad Jammu and Kashmir that would have an installed capacity of 500 MW and would generate 2410 GWh, annually. 主发起人已完成一份详细的可行性研究报告（FSR），并已由巴基斯坦政府私营电力和基础设施委员会批准。该报告主要是关于在查谟-喀什米尔的杰赫勒姆河上建立一个控制河流的水电项目，装机容量500兆瓦，将产生2410千兆瓦时/年。
4. The Main Sponsor has negotiated and, has had, approved by the National Transmission and Distribution Company (NTDC), Government of Pakistan, (which company is the Central Power Purchaser in this particular case) the Project Costs on which a Tariff is to be based. 主发起人已经和巴基斯坦国家输配电公司（在本次项目中该公司是中央电力采购商）（NTDC）协商并得到其认可了本项目的成本（该项目成本将是采购电价的基础）。
5. The approved Project Cost for purposes of Tariff determination is US$ 1.102 Billion including Interest during Construction. The levelized feasibility stage Tariff derived from this approved cost is US Cents 7.89 per kilowatt/ hour over the 30 year life of the Project concession. 核定的项目成本为11.02亿美元，包括利息、建设费。在项目可行性研究阶段根据该核定成本得到的该项目30年的平均电价是7.89美分/千瓦/小时。
6. The formal Tariff petition has been filed with NEPRA and the statutory notification of the Tariff is awaited. 正式的电价申请书已经提交给NERPA，目前正在等候电价的法定通知。
7. The Project is being developed under the 2002 Power Policy pursuant to which all Costs of building and operating the Project, Debt servicing and equity is recouped by the Investors through a levelized, pre-determined Tariff. Additionally, the GOP is committed to guarantee a Return on Equity on US Dollar  basis, with US CPI based indexation for inflation and ‘pass-throughs’ for certain costs. This is envisaged to be done through the pre-set Tariff embodied in the up-front Power Purchase and Implementation Agreements, backed by Sovereign Guarantees. 该项目是按照2002年的能源政策开发的，该政策规定该项目的所有建设、运营成本、债务偿还和股权收回都由投资者通过预先确定的平均电价得到回报。此外，巴基斯坦政府承诺了与美元挂钩的股权投资回报，并与美国CPI通货膨胀指数挂钩的价格浮动为基准偿还。所有的前期电价核定与电力购买协议都由国家主权担保。
8. The Tariff agreed with NTDC is based on a 17% Return on Equity (ROE), to Investors.与NTDC协商同意的是向投资者确保的在股权回报率为17%基础上核定的电价。
9. The effective Rate of Return to Investors is enhanced to almost 19% per annum because of the timing of equity injections. 如果股权注入及时，则投资者的有效收益率可以被提高到几乎每年19%。
10. The Power policy envisages a Government of Pakistan Sovereign Guarantee for the Return on Equity. 巴基斯坦能源电力政策规定股权回报可以巴基斯坦政府主权担保。

2. PROJECT OUTLINE

1. The project would occupy a 20 km long reach of the valley, extending from few km the International Line of Control (LoC) near Chakothi village to HattianBala, near the upstream end of the future Kohala reservoir. It would consist of an 88 metre high gravity dam, twin 8560 metre long power tunnels and an underground powerhouse housing four Francis units of125 MW capacity each. The plant would operate with a gross head of 155 metres and a design discharge of 400 metres3 /second. 项目将占地20公里长的河段河谷，延伸到国际控制线（LOC）附近几公里的查科蒂村hattianbala，靠近未来的卡哈拉水库上游。该项目将包括一个88米高的大坝，两条8560米长的电力隧道和地下厂房，四个弗兰西斯单位平均每个为125兆瓦。该工厂将使用一个155米的gross head，设计流量400 立方米/秒。
2. The dam would be designed to pass the probable maximum flood of up to 10,000 m3/s and would include a by-pass conduit and valve for the release of an ecological flow of 6 m3/s. 大坝设计通过可能最大洪水量将达10000立方米/秒，将包括一个为6立方米/秒的旁通放水管道和阀门
3. The project would include a road tunnel allowing traffic to circulate around the left dam abutment and upstream for a distance of 2 km to avoid interference with the dam construction and flooding by the eventual reservoir.

该项目包括一个绕过左边大坝并距离上游约2公里的隧道公路以免干扰大坝建造。

4. All project structures would be designed taking into consideration the  variable nature of Murree formation sandstone and shale rocks that underlie the entire project area and, also, any seismic hazard that might exist.所有项目结构设计都考虑了当地的土壤岩石结构等地理水文情况。
5. Environmental impact assessment studies have showed the greatest impacts of the project to be associated with the creation of the reservoir and the need to resettle the affected population. The population involved is not large since most people live on the high level terraces above the reservoir level. All environmental impacts, including resettlement are considered manageable with an appropriate environmental monitoring program. 环境影响评估研究涵盖了水库建成后的最大影响及相关当地居民的移民工作。需要移民的人数不多，因为当地居民大多居住在距水库较远的高海拔地带。因此所有的环境影响，包括移民工作在一个合适的环境监控系统中都是可控的。
6. The project implementation period, from notice to proceed to commercial operations, should not exceed five years. Including interest during construction, the total project cost including environmental monitoring and resettlement has been agreed with NTDC to be US$ 1.102 billion (July-2010 basis). 整个项目完成期限，从发布公告至商业运营不会超过5年，所有费用（根据2012年的可行性研究报告）为11.02亿美元。
7. Economic and financial analyses both show that the project meets international standards for project financing. 经济与财务分析都显示该项目符合项目融资的国际标准。
8. The initial Project Cost is to be financed by Debt and Equity of 75% and 25% respectively. 项目最初的预算的股权与债权比例分别为25%与75%。
9. The Sponsors have  had the costs approved by NTDC, the CPP, who will file a Tariff petition with NEPRA on behalf of the Company, seeking a levelized  reference  (Feasibility-Stage) Tariff of 7.89/ KWh US Cents. 主发起人所做的成本预算已得到NTDC认可，并在可行性研究阶段向NEPRA申请7.89美分/千瓦时的电价。