Islamabad: K-Electric and China Three Gorges South Asia Investment Limited (CTGSAIL) signed a Memorandum of Understanding (MoU) on Monday to work together on exploring renewable energy projects, including hydro projects, across Pakistan. The two companies will develop a roadmap for the installation of grid-scale battery energy storage systems into K-Electric’s network. The MoU was signed by K-Electric CEO Moonis Abdullah Alvi and CTGSAIL CEO Wang Minsheng, and is expected to result in the generation of at least 1,000MW of renewable energy.
K-Electric plans to transport the cheaper hydro energy generated by the projects after paying wheeling charges to the National Transmission & Dispatch Company. Additionally, the company is also working on starting solar energy projects in Balochistan and one hybrid project in Sindh to help reduce electricity costs.
As a subsidiary of China Three Gorges International Corporation, CTGSAIL operates in over 40 countries and focuses on clean energy investment and development. With generation assets worth over $6 billion, CTGSAIL is actively investing in hydel, wind, solar, and photovoltaic power projects across Asia, the Middle East, and North Africa.
K-Electric CEO Moonis Alvi said that this partnership with CTGSAIL is a “milestone moment” for Karachi and its customers, and will help contribute positively to the country’s aim of increasing the share of clean, sustainable, and affordable energy. CTGSAIL’s Wang Minsheng stated that the partnership is another step towards Cleaner Energy, Better Pakistan, and is in line with the company’s philosophy of innovation, integration, mutual development, and inclusion of local expertise.
