K-Electric ventures into green energy space with launch of K-Solar

KARACHI: Country’s only vertically-integrated electricity distribution company, K-Electric ventures into green as it has launched K-Solar, a renewable energy company that will enable the shift towards a greener and cleaner energy future.

“K-Electric has stepped into the renewable energy space with the launch of its first-ever subsidiary. By launching K-Solar, the company has taken another step to a greener and more sustainable future for our future generations,” Naz Khan, KE’s Chief Strategy Officer said at a webinar.

“Currently renewables have around 250MW of share in KE’s total energy mix including almost 150MW from wind and 100MW from solar energy. Additional projects are in the pipeline to increase the share of renewables to 350MW,” she added.

According to CEO K-Electric Limited (KE) Moonis Abdullah Alvi, K-Electric had been making greater efforts to increase its share of renewables in its energy mix and launch of the K-Solar was one milestone in achieving KE’s mission of a green and sustainable future.

To serve its residential customers, K-Solar teams will conduct site surveys and audits of their energy needs in order to recommend the best easy-to-manage solar solutions for them.

To service the growing commercial sector, comprising banks, retail outlets, educational institutions, healthcare organisations etc, K-Solar will provide sustainable and long-term solar solutions for seamless function.

Moreover, the industrial sector will be specially serviced by K-Solar providing alternative energy generation options in-house. K-Solar teams will work with its industrial partners to enable them to reduce energy costs, increase energy independence and enhance productivity through uninterrupted power supply from the technologically advanced solar solutions.

In November last year, KE incorporated a wholly owned subsidiary, KE Venture Company (Pvt) Ltd (KEVCL) to undertake different initiatives in the energy sector.

Initially, the subsidiary will explore investments in renewable energy. Another wholly owned subsidiary, K-Solar, has been incorporated under KEVCL, KE said. K-Solar will specialise in distributed generation. In addition, 150 megawatts of solar independent power producers in Vinder, Uthal and Bela are going to be developed as joint ventures under KEVCL.

Further, K-Electric (KE) and Pakistan LNG Limited (PLL) initialled the Gas Supply Agreement (GSA) for the supply of 150mmcfd RLNG for KE’s upcoming BQPS-III power plant. The $650 million, 900MW plant will bolster Karachi’s power supply.

Earlier, speaking at a webinar to discuss Pakistan’s transition to a low-carbon energy future, Chairman National Electric Power Regulatory Authority (NEPRA) Tauseef H. Farooqi highlighted that for the renewable industry to innovate and thrive in Pakistan need a transition in its generation, transmission and distribution system. He assured that NEPRA had been constantly working to bring that very change.

“NEPRA intends to enhance the renewable energy footprint, which currently accounts for only 3 per cent of Pakistan’s overall generation capacity of over 35,000MW, to 30 per cent over the next 10 years.”

Farooqi also said that the current share of hydropower at 30 per cent should be included in the renewable energy mix, which would enable Pakistan’s total progress in the renewable energy space to exceed 60 per cent in next ten years.

“This should result in an environmentally-friendly and affordable energy mix in the country.”
Shah Jahan Mirza, CEO Alternate Energy Development Board (AEDB), said allowing purchase of power from solar and wind energy projects through competitive bidding remained one of the strong features of their new policy.

“This had never been done in Pakistan before,” he said.

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KE is pleased to announce the launch of K-Solar, a renewable energy company that will enable the shift towards a greener & cleaner energy future.

For more details of K-Solar, visit the website at https://t.co/uK3N3wwtl7 or fill the form https://t.co/CuZgfpH7qZ pic.twitter.com/NwlqHiiDDb

— KE (@KElectricPk) June 4, 2021