K-Electric (KE) signed a Memorandum of Understanding (MoU) with the Government of Sindh (GOS), Oracle Power, and PowerChina for the potential development of a 2×660 MW coal-fired power project based on Thar coal.
CEO Moonis Alvi of KE was in attendance in place of Secretary Energy Abu Bakar Ahmed, CEO Naheed Memon of Oracle Power, and Cheng Qiang of PowerChina. KE is committed to increasing reliance on domestic sources of energy production.
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.
By 2030, KE intends to increase its generation capacity by a total of 2,200 MW and increase the proportion of renewable energy in its overall mix to 30%. In addition, KE's forecasts for the city predict that by FY30, a customer base of 5 million people will consume 5,000 MW of electricity.
In expressing his excitement on the occasion, CEO KE Moonis Alvi said that their goal is to achieve net zero and address the energy trilemma. To produce affordable and environmentally friendly electricity, they are reducing their reliance on imported fuels and increasing the proportion of renewable energy in their generation mix. They also have a thorough investment plan worth PKR 484 billion to strengthen the network and efficiently supply energy to their expanding customer base.
Naheed Memon, CEO of Oracle Power, reaffirmed her commitment to the advancement 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. Oracle Power is happy to have established a strategic partnership with KE and the Sindhi government.
The development of the Thar Project, according to a PowerChina representative, is crucial for Pakistan in terms of utilising the local coal resource.
The China Pakistan Economic Corridor's priority energy projects include the Oracle 1320 MW Coal Power Project (CPEC). PowerChina will contribute to the project's success with the help and participation of the Sindh Government, KE, and Oracle.
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.
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.