K-Electric (KE) has signed an agreement with China Machinery Engineering (CMEC) to set up a 700MW coal-fired power project in Pakistan.
Apart from the two firms, China Datang Overseas Investment Company (CDTO) is also a part of the joint development agreement (JDA), which is aimed at constructing a $1bn power plant at Port Qasim.
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KE intends to boost its generation capacity with the project.
KE CEO Tayyab Tareen said: “This initiative is in line with KE’s vision of Karachi being a net exporter of power in the years ahead.
“This project will also contribute to KE’s fuel diversification strategy, and marks a significant step towards a new era of cheap base load power in Pakistan.”
CDTO president Duan Zhongmin said: “We are fully committed to cooperate with KE and CMEC to successfully execute this Port Qasim project, which shall go a long way to meet the energy needs of the people of Pakistan.”
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By GlobalDataOnce operational, the project is expected to meet the rising demands of electricity in the port city of Pakistan, as well as opening up massive employment opportunities, KE said.
