The 640 MW of Renewable Energy marks a significant stride in K-Electric’s journey towards embedding sustainability in power generation. This is the first step of many, demonstrating our unwavering commitment to sustainable practices and innovative solutions.
Karachi, 01 August 2024: K-Electric (KE) completed another significant milestone in its ambitions to enhance its share of renewable energy in its generation mix, envisaged under the company’s Power Acquisition Program (PAP). The company announced the receipt of a total of 15 bids for the first of its ambitious renewable energy initiatives of 150 MW solar projects at Winder and Bela, Balochistan.
Aiming to harness 30% renewable energy solutions in its fleet by 2030, KE initiated a competitive bidding process for multiple renewable energy projects earlier this year following a successful nod of approval from NEPRA. This transparent approach is a testament to KE’s commitment towards sustainable energy solutions. Over the next 5 years, KE aims to add a total of 1300 MW of renewable energy projects, furthering its commitment to sustainable energy solutions.
Syed Moonis Alvi, CEO of KE, expressed his enthusiasm about this development, stating, “Garnering 15 bids for the first cohort of the solar energy project is a huge milestone for KE as well as for Pakistan. It represents local and international players’ trust in KE as a brand, as well as growing confidence in Pakistan’s economic potential. I am delighted to see several reputable firms sharing our vision to build a resilient, robust, and sustainable energy future for Karachi. These projects, along with our company’s future investment plans of almost USD 2 billion in transmission and distribution infrastructure, underscore our commitment to innovation and sustainable growth, ensuring reliable electricity for our customers.”
Shahab Qader Khan, Chief Strategy Officer, also shared his views, adding, “These renewable energy projects are in-line with KE’s vision and NEPRA’s directives to prioritize local fuels and green sources. We are optimistic that the success of these projects will encourage others to participate in the subsequent process as well. This will play a pivotal role in KE’s pursuit for fuel mix diversification and simultaneously contribute towards catalyzing the economic progress of the country.”
KE extended invitations to reputable local and international companies with proven power project experience and sound financial standing to participate in the prequalification and bidding process of the projects. A total of 15 number of bids were received for the first of the mega projects.
KE accelerated its transformational journey by designing its portfolio to include wind and solar capacity to maximize energy yield. In addition to the 150 MW solar project in Balochistan – for which the bidding is closed, a 270 MW project in Sindh, comprising 120 MW at Deh Halkani and 150 MW Deh Metha Ghar, in District West, Karachi, and a 220 MW hybrid (wind and solar) project at Dhabeji, Sindh, are at the bidding stage. KE welcomes potential partners to bid on projects in Sindh and craft a progressive energy future.
ABOUT K-ELECTRIC:
K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The majority shares (66.4%) of the Company are owned by KES Power, a consortium of investors including Al-Jomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a shareholder (24.36%) in the Company while the remaining are listed as free float shares.
