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KE Signs MOU with Multiple Companies to Include Indigenous Resource-Based Power Generation

BY Shahzad Saeed May 16, 2023. 09:19 pm UPDATED: May 16, 2023. 09:19 pm

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For the potential development of a 2 660 MW coal-fired power project based on Thar coal, K-Electric signed a Memorandum of Understanding (MoU) with the Government of Sindh (GOS), Oracle Power, and PowerChina. K-Electric is committed to increasing reliance on domestic sources of energy production to provide access to affordable energy for everyone.

CEO Moonis Alvi of KE was in attendance in place of Secretary Energy Abu Bakar Ahmed of the Sindhi government, CEO Naheed Memon of Oracle Power, and Cheng Qiang of PowerChina.

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

Imtiaz Shaikh, the minister of energy for Sindh, said: “This collaboration is a big step in the right direction. Electricity is a fundamental driver of development and progress. We are committed to giving this project our full support until it is fully developed because, once it is operational, the entire province will greatly benefit from it.”

The main goal of the MoU is to give the cooperating parties a framework for cooperation, laying the groundwork for the construction of this ambitious power plant. This action fits in with KE’s long-term strategy to increase its generation through the addition of inexpensive, locally sourced fuel-based energy. The company has expressed its intention to increase its share of renewable energy to 30% of the total mix and add 2,200 MW to its generation capacity by 2030. The addition of such generation capacity is also consistent with KE’s forecasts for the city, which call for a 5 million-person customer base to consume 5,000 MW of electricity by FY30.

As a company, our ambition and initiatives are towards achieving net zero, and we are addressing the energy trilemma, which balances dependability, affordability, and sustainability of energy supply, CEO KE Moonis Alvi also expressed his excitement on the occasion. We will be able to significantly lessen our reliance on imported fuels thanks to our current partners and our future plans. In order to offer customers electricity that is both affordable and sustainable, we are also increasing the proportion of renewable energy in our generation mix going forward. Our comprehensive investment plan of PKR 484 billion, which will strengthen the network and efficiently supply energy to our expanding customer base, is a further addition to these plans.

CEO of Oracle Power Naheed Memon reaffirmed her company’s dedication to the construction of the 1320 MW coal-to-power project, which is listed on the CPEC. She mentioned that Oracle had created top-notch feasibility reports that served as standards for its development. The strategic partnership between Oracle Power and KE, a potential off-taker, and the Government of Sindh, a facilitator and significant stakeholder, has been welcomed with enthusiasm.

The development of the Thar Project, according to a PowerChina representative, is crucial for Pakistan in terms of utilizing the local coal resource. One of the top energy projects for the China-Pakistan Economic Corridor (CPEC) is the Oracle 1320MW Coal Power Project. PowerChina will contribute to the project’s success with the help and participation of the Sindh Government, KE, and Oracle.

In order to work together on researching renewable energy projects across the nation, KE also signed an MOU with China Three Gorges South Asia Investment Limited (CTGSAIL) earlier this year.

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