Karachi: K-Electric seeks overseas investment to increase its renewable energy capacity to 30% by 2030. The capital expenditure plan is under review for the government’s approval.
In an effort to cope with high energy demand while combating increased electricity bills, K-Electric has decided to expand its renewable energy capacity by 30%. The power distributor company eyes $2 million overseas investment to achieve its goal by 2030.
K-Electric Ltd. is a Karachi-based power distributor company responsible for generating and distributing power to consumers throughout the city.
In a report by Bloomberg, it was underscored that K-Electric aims for international funding of $350 to $400 million from overseas investors.
K-Electric proposed a $2 million funding request, which is under review by the Government of Pakistan. The capital expenditure plan is for seven years, in which $2 million will be spent to convert 30% of the K.E. share by 2030.
The plan to reinforce the power grid would help Pakistan in the long run. Moreover, K-Electric is exploring new options to maximize electricity production and ensure optimal power supply.
Furthermore, K-Electric is interested in acquiring minority stakes (below 20%) to reach its goal.
The CEO of K-Electric, Moonis Abdullah Alvi, stated that K-Electric will soon convert fuel-oil power plants to coal-based operations.
Pakistan is weighted under the high electricity prices, economic and existential crisis. Although the government is taking measures to move towards green energy, private companies like K-Electric are also exploring opportunities in the renewable energy sector.