Karachi, December 11, 2024: K-Electric (KE) has made remarkable progress in its journey toward renewable energy with the submission of the Bid Evaluation Report for its 150 MW solar projects at Winder and Bela, Balochistan, to NEPRA. The regulator today concluded the hearing on the subject marking a critical step towards finalization of these projects reflecting KE’s journey to transforming Pakistan’s energy landscape.
After getting a nod of approval from NEPRA earlier this year, KE initiated the industry’s first competitive bidding process to launch renewable energy projects. The 150 MW Winder and Bela projects are a part of a cumulative 640 MW renewables ambition reflecting the first trench of the company’s long-term goal to add 1300 MW of sustainable energy into the generation mix. This milestone is part of KE’s broader renewable energy roadmap, which aims to integrate 30% renewables into its generation portfolio by 2030.
Over the past year, KE attracted significant investor interest in its renewable initiatives, including 15 bids for the Winder and Bela projects and subsequently seven bids for its pioneering 220 MW hybrid solar-wind project in Dhabeji, Sindh. Establishing a new precedent in the Pakistani renewable space, KE has received highly competitive tariff bids for its 100 MW Bela and 50 MW Winder projects, 220 MW hybrid solar-wind project. Additionally, KE has concluded the process for its 270 MW Sind Solar Projects and submitted their Auction Evaluation Report as well. Collectively, these projects highlight KE’s dedication to diversifying its energy mix, reducing reliance on imported fuels, and fostering investor confidence.
Reflecting on this journey, Shahab Qader, Chief Strategy Officer shared, “The hearing for our Bid Evaluation Report is an important milestone in our pursuit to address the energy trilemma and reduce our carbon footprint. We are committed to building a sustainable, resilient energy future for the people of Karachi, and we look forward to the regulator’s decision enabling us to transform our vision into a reality. We also truly appreciate all the stakeholders across government, investor universe, and beyond for coming together to achieve a resounding response to our bidding process, which is creating positive momentum for investment and energy transition in the country.”
KE remains engaged with the regulator on this important matter which can enable access to affordable energy for its customers.
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 utility in Pakistan supplying electricity within a 6500 square kilometers territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih 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 minority shareholder (24.36%) in the company.