The Pakistani power company K-Electric, along with Chinese Three Gorges South Asia Investment Limited (CTGSAIL), has signed a Memorandum of Understanding (MoU) to jointly explore renewable energy projects throughout the country as part of its commitment to a greener future.
Moonis Abdullah Alvi, chief executive officer of K-Electric, and Wang Minsheng, chief executive officer of CTGSAIL, have signed a memorandum of understanding to implement large-scale battery energy storage systems on K-Electric’s network with the aim of producing a minimum of 1 GW of renewable energy.
A key aspect of the collaboration will be the transportation of cheaper hydroelectric power from the project sites after K-Electric settles wheeling charges (which have not yet been determined by Nepra and the government) with National Transmission & Despatch Company. Additionally, K-Electric plans to launch solar projects in Balochistan as well as a hybrid project (solar and wind) in Sindh, aiming to reduce the cost of electricity.
CTGSAIL, a subsidiary of China Three Gorges International Corporation, operates in more than 40 countries and specializes in investing and developing clean energy. Currently, the company owns 2.6 GW of generation assets, worth over $6 billion, in Pakistan. Additionally, the company is actively seeking to invest in hydro, wind, solar, and photovoltaic power projects in emerging markets across Asia, the Middle East, and North Africa.
According to Moonis Alvi, K-Electric CEO, “This is an important moment for Karachi and its customers.” “Working with CTGSAIL, a global leader with a wealth of experience, will facilitate our efforts to reach new heights.” We need to take action now to balance affordability for our customers with a commitment to the environment as Pakistan faces the realities of climate change.”
The CEO of CTGSAIL, Wang Minsheng, reiterated the sentiment, stating, “This is another step CTGSAIL is taking toward a cleaner energy, a better Pakistan.” As part of the Belt and Road Initiative, CTGSAIL and K-Electric are providing low-cost, clean energy solutions to emerging economies that are essential to economic development..”
K-Electric and CTGSAIL share a vision of a greener future, and together, they can help to protect the environment while providing Pakistan with a sustainable energy future.
