Karachi, 19th August: Following the successful milestone of technical bid opening on K-Electric’s 150 MW solar energy projects in Balochistan, the company marked another important milestone with the opening of the financial bids at a private event in Karachi. The company has received the lowest tariff bid in the country’s renewable landscape, representing the most efficient cost of producing renewable energy, establishing a new precedent in the sustainability space. Post the financial bid opening KE will proceed to the submission of bid evaluation report to NEPRA after which the successful bidder will be announced.
The 640 MW projects are the first round of the company’s long-term ambition to add 1300 MW of sustainable energy into the generation mix and comprise 3 tranches. The first tranche is 150 MW in Balochistan, with subsequent projects of 270 MW in Sindh, and a 220 MW site neutral project which is also the first hybrid solar and wind project in the country. The company estimates that these additions will enhance the share of renewable energy in the generation mix to approximately 30%.
The event was attended by representatives of the 15 bidders representing international and local investors who qualified in the technical bidding. KE’s leadership, including Moonis Alvi – Chief Executive Officer and Shahab Qader – Chief Strategy Officer, attended the event.
Speaking on the occasion, Moonis Alvi, CEO KE stated: “We are very pleased to be making history with each step on this journey towards sustainability. We are grateful to the investors who are committing to building a stable and sustainable energy ecosystem with us. We must thank NEPRA for their support and consent, without which these projects would not materialize.”
Shahab Qader, Chief Strategy Officer also shared his views, “This interest is itself a resounding endorsement of the investment potential that Pakistan continues to have. As the country’s only privatized utility, K-Electric also prides itself on being a trusted and recognized brand with whom investors are willing to partner. This proves the point that renewable energy is the future, and we are ready to turn this into reality.”
The deadline for bidding for the second tranche of projects of 220 MW is 31st August, while the deadline for the third tranche of projects of 270 MW is 30th September. The successful bids will undergo regulatory scrutiny and further approvals before finalization.
