New funding from a pair of sources will be used to expedite completion of the 969-MW Neelum Jhelum hydropower project, according to the Pakistani Water and Power Development Authority (WAPDA).
WAPDA most recently raised close to US$150 million for the plant by issuing term finance certificates earlier this week, following a loan agreement signed with Saudi Arabia worth another $100 million at the end of September.
Pakistani Prime Minister Muhammed Nawaz Sharif has said he expects the project to be generating power by the end of 2015. Currently, Neelum Jhelum is about 50% complete.
The project has sparked controversy throughout its development, however, as a number of Indian parties have said its construction violates terms of the 1960 Indus Water Treaty.