K-Electric signs MoU with Chinese firm to collaborate on renewable energy

• MoU was singed by KE CEO Moonis Alvi, CTGSAIL CEO Wang Minsheng.
• Deal will help generate at least 1,000MW of renewable energy: PR.
• CTGSAIL has 2.6 gigawatts of generation assets in Pakistan.

ISLAMABAD: K-Electric and China Three Gorges South Asia Investment Limited (CTGSAIL) Monday signed a Memorandum of Understanding (MoU) to collaborate on exploring renewable energy including hydro projects across the country.

According to a press release, both companies will work out a roadmap for the installation of grid-scale Battery Energy Storage Systems in KE’s network.

The MoU was signed by K-Electric CEO Moonis Abdullah Alvi and CTGSAIL CEO Wang Minsheng. The deal will help generate renewable energy 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 National Electric Power Regulatory Authority (NEPRA) and the government) to the National Transmission & Despatch Company (NTDC).

In addition, KE is also working to start solar energy projects in Balochistan and one hybrid project (solar and wind) in Sindh, which will help reduce the electricity cost. KE has already submitted a request for proposal to NEPRA for approval for its solar plants.

Operating in over 40 countries, CTGSAIL is a subsidiary of the China Three Gorges International Corporation (CTGI). It focuses on clean energy investment and development. 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, the Middle East, and North Africa.

K-Electric CEO Moonis Alvi said: “This is a milestone moment for Karachi and its customers, and I am very pleased to be present here today. We are actively working to contribute positively to the country’s ambition to increase the share of clean, sustainable, and affordable energy in our mix."

He added: "It is exciting to be exploring these new frontiers with global giant CTGSAIL as a 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.”

While, CTGSAIL's Wang Minsheng stated that this would be one more step by the company for "Cleaner Energy, Better Pakistan". 

The CTGSAIL in line with the philosophy of the “Belt and Road Initiative” of innovation, integration, mutual development and inclusion of local expertise has ventured with K-Electric to provide solutions for low-cost, clean energy which is the cornerstone for economic growth in all emerging economies.