In a major development, K-Electric is all set to go for green energy and to this effect has started working on renewable projects that include solar, hybrid (solar and wind), and hydropower projects to make its electricity basket price affordable.
And to this effect, K-Electric and China Three Gorges South Asia Investment Limited (CTGSAIL) here on Monday signed a Memorandum of Understanding (MoU) to collaborate on exploring renewable energy including hydro projects across the country, including Azad Jammu & Kashmir. Both companies will also work to develop a roadmap for the installation of grid-scale Battery Energy Storage Systems into KE’s network.
K-Electric CEO Moonis Abdullah Alvi, and CTGSAIL CEO Wang Minsheng signed the MoU.The MoU will help generate renewable energy including hydro generation of 1,000MW (1 GW) at least. K-Electric will transport the cheaper hydel from the said projects after paying wheeling charges (yet to be decided by Nepra and the government) to the National Transmission & Despatch Company (NTDC).
In addition, the KE is also working on the installation of solar energy in Balochistan and one hybrid project (solar and wind) in Sindh which will help reduce the electricity cost. For its solar plants, the KE has already submitted RFP (request for proposal) with Nepra for approval. The CTGSAIL is a subsidiary of the China Three Gorges International Corporation (CTGI), which is the international business platform of China Three Gorges Corporation (CTG), focusing on clean energy investment, development and operation in more than 40 countries. CTGSAIL has 2.6 gigawatts of generation assets in Pakistan worth over $6 billion and is actively undertaking investments in hydel, wind, solar and photovoltaic power projects across emerging markets in Asia, Middle East, and North Africa.
“This is a milestone moment for Karachi and its customers, and I am very pleased to be present here today,” stated Moonis Alvi on the occasion. “We are actively working to contribute positively to the country’s ambition to increase share of clean, sustainable, and affordable energy in our mix. It is exciting to be exploring these new frontiers with global giant CTGSAIL as partner. Their global experience will help take our efforts forward by leaps and bounds, and we look forward to working closely with them. Pakistan is no stranger to climate change, and the time for action is today. Induction of renewable energy is crucial to balance affordability for our customers with the impact on the environment.”
Wang Minsheng, while speaking on the occasion, stated that this would be one more step by CTGSAIL for Cleaner Energy, Better Pakistan. The CTGSAIL in line with the philosophy of “Belt and Road Initiative” of innovation, integration, mutual development and inclusion of local expertise has ventured with K-Electric for providing solutions for low-cost, clean energy which is the cornerstone for economic growth in all emerging economies. Green energy not only helps solve the problem of climate change, but also provides competitive advantage to the industrial consumers through cost optimisation. “Considering recent floods in Pakistan, we strongly believe that the addition of renewable energy sources in the country’s energy mix is becoming a necessity. We hope that this partnership yields great results for both organisations and culminates in the joint implementation of renewable energy projects in Pakistan.”