K-Electric (KE) has expressed keen interest in participating in the development and acquisition
of power from renewable energy (RE) projects totaling 3,000 MW. These projects are set to be
developed by M/s ACWA Power, a prominent entity primarily focused on projects in Saudi
Arabia.
The power utility conveyed its intention to the Minister for Planning, Development, and Special
Initiatives, Ahsan Iqbal, via a formal letter.
As the authority responsible for the end-to-end planning of its power value chain, KE acts as a
planner for its service area, ensuring a reliable supply of electricity.
ACWA Power, on the other hand, is a global investment and holding company headquartered in
Riyadh, Saudi Arabia, with a substantial presence in the energy and water sectors. They operate
in multiple countries, including Saudi Arabia, the United Arab Emirates, Jordan, Egypt, Morocco,
Oman, and others, and actively invest in renewable energy ventures, with a significant focus on
this sector in more than 15 countries.
According to the letter written by KE’s Chief Executive Officer (CEO), Syed Moonis Abdullah Alvi,
the company has formulated a robust long-term development plan that prioritizes the
development of RE projects and base load capacity using domestic resources.
The development of RE generation projects is a crucial component of KE’s long-term generation
planning strategy, and they are actively engaged in the process of developing several RE-based
initiatives.
The CEO of KE believes that collaborating with ACWA Power, a formidable development
company and sponsor, has the potential to expedite the development of large-scale RE projects
in Pakistan and expand KE’s RE footprint.
It is worth mentioning that ACWA Power had previously attempted to enter the Pakistani
market through a memorandum of understanding (MoU) with the Government of Pakistan
(GoP) in 2019. This MoU entailed a $4 billion investment in the solar and wind energy sector.
Unfortunately, the past interest could not materialize due to various hindering factors.
Nevertheless, KE is confident that they can persuade ACWA Power to reconsider their interest
in developing RE projects in Pakistan, enabling them to sell power to KE and collaborate as joint
partners.
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