KE, CTGSAIL sign MoU to explore renewable energy projects

KARACHI: K-Electric Chief Executive Officer (CEO) Syed Moonis Abdullah Alvi and Wang Minsheng, CEO of China Three Gorges South Asia Investment Limited (CTGSAIL) signed a memorandum of understanding (MoU) to collaborate on exploring renewable energy, including hydro projects across the country, including Azad Jammu and Kashmir, a statement said.

Both companies will also work to develop a roadmap for the installation of grid-scale Battery Energy Storage Systems in the KE’s network.

China Three Gorges South Asia Investment Ltd (CTGSAIL) is a subsidiary of the China Three Gorges International Corporation (CTGI), which is the international business platform of China Three Gorges Corporation (CTG), focusing on clean energy investment, development and operation in more than 40 countries.

CTGSAIL has 2.6GW of generation assets in Pakistan worth over $6 billion and is actively undertaking investments in hydel, wind, solar and PV power projects across the emerging markets in Asia, the Middle East and North Africa.

Alvi said: “This is a milestone moment for Karachi and its customers, and I am very pleased to be present here today.”

“We are actively working to contribute positively to the country’s ambition to increase the share of clean, sustainable and affordable energy in our mix. It is exciting to explore these new frontiers with the global giants CTGSAIL as partners. Their global experience will help take our efforts forward by leaps and bounds and we look forward to working closely with them,” he added.

“Pakistan is no stranger to climate change and the time for action is today. Induction of renewable energy is crucial to balance affordability for our customers with the impact on the environment.”

Speaking on the occasion, Minsheng said that this would be one more step by CTGSAIL for cleaner energy, better Pakistan.

CTGSAIL in line with the philosophy of “Belt and Road Initiative” of innovation, integration, mutual development and inclusion of local expertise has ventured with the K-Electric to provide solutions for the low-cost, clean energy, which is the cornerstone for the economic growth in all emerging economies.

Green energy not only helps resolve the problem of climate change but also provides competitive advantage to the industrial consumers through cost optimisation.

“Considering the recent floods in Pakistan, we strongly believe that the addition of renewable energy sources in the country’s energy mix is becoming a necessity.”

“We hope that this partnership yields great results for both organisations and culminates in the joint implementation of the renewable energy projects in Pakistan,” he added.

KE’s Chief Marketing and Communications Officer Sadia Dada, Head of Business Development Mudassir Zuberi were accompanied by Senior Adviser N A Zuberi, Deputy General Manager Project Development Mustafa Umar Riaz from CTGSAIL.

Other senior members from both organisations were also present on the occasion.