KE signs multi-party MoU to add indigenous resource-based power generation

KARACHI: Committed to increasing reliance on indigenous sources of energy production to provide access to affordable energy for all, K-Electric inked a Memorandum of Understanding (MoU) with Government of Sindh, Oracle Power, and PowerChina for the potential development of 2x660 MW coal-fired power project based on Thar coal.

KE was represented by CEO Moonis Alvi, while Secretary Energy Abu Bakar Ahmed was present from the Government of Sindh, CEO Naheed Memon from Oracle Power and Cheng Qiang from PowerChina.

Oracle Power is an international natural resource and power project developer listed on London’s stock exchange, while PowerChina is a Fortune 500 listed integrated construction group which has completed over 40 various projects in Pakistan with a total contract value of approximately $6 billion, and an additional 43 projects worth $7.5 billion currently under execution.

Speaking on the occasion, Sindh Minister for Energy Imtiaz Shaikh stated “Electricity is a fundamental driver of development and progress, and this collaboration is a big step in this direction. Once operational, this project will immensely benefit the entire province which is why we are committed to provide our full support until its maturity.”

CEO KE Moonis Alvi also shared his excitement on the occasion, stating that “As a company, our ambition and initiatives are towards achieving net zero, and tackling the energy trilemma which balances reliability, affordability and sustainability of energy supply. Our current partnership and our future plans will greatly enable us to reduce our reliance on imported fuels. Moving forward, we are also enhancing our share of renewable energy in the generation mix to provide affordable and sustainable electricity to the customers. These plans are further complemented by our comprehensive investment plan of Rs 484 billion, which will strengthen the network and deliver energy effectively to our growing customer base.”

CEO Oracle Power Naheed Memon reiterated her company’s commitment to the development of the CPEC-listed 1320 MW coal-to-power project. She shared that Oracle has produced world-class feasibility reports which became benchmark documents for its development. Oracle Power is very pleased to have formed a strategic relationship with KE as a potential off-taker and the Government of Sindh as a facilitator and important stakeholder.

Representative from PowerChina shared that the development of the Thar Project is of great importance to Pakistan in the sense of utilizing the local coal resource. Oracle 1320MW Coal Power Project is listed as one of the priority energy projects under China Pakistan Economic Corridor (CPEC). With the guidance and participation of the Sindh Government, together with KE and Oracle, PowerChina will provide support for the success of the project.

Copyright Business Recorder, 2023