Islamabad-K-Electric (KE) and China Three Gorges South Asia Investment Limited (CTGSAIL) signed a Memorandum of Understanding (MoU) to explore 1,000 MW renewable energy projects.
KE CEO Syed Munis Abdullah Alvi and CTGSAIL CEO Mr. Wang Minsheng signed an MoU for cooperation in exploring renewable energy including hydro projects across the country including Azad Jammu and Kashmir. The two companies will also work to develop a roadmap for installing grid-based battery energy storage systems in KE’s grid.
China Three Gorges South Asia Investment Ltd (CTGSAIL) is a subsidiary of China Three Gorges International Corporation (CTGI), which is an international business platform of China Three Gorges Corporation (CTG), focused on clean energy investment, development and operation in more than 40 countries. CTGSAIL has 2.6 GW of generating assets in Pakistan valued at over USD 6 billion and is actively undertaking investments in hydel, wind, solar and PV projects in the emerging markets of Asia, the Middle East and North Africa.
“This is an important moment for Karachi and its customers and I am very pleased to be present here today,” Munis Alvi said on the occasion. “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 global giants CTGSAIL as partners. Their global experience will help advance our efforts by leaps and bounds, and we look forward to working closely with them. Pakistan is no stranger to climate change, and the time for action is now. The introduction of renewable energy sources is critical to balance affordability for our customers with environmental impact.”
CTGSAIL CEO Wang Minsheng while speaking on the occasion said that this will be another step of CTGSAIL for cleaner energy, better Pakistan. CTGSAIL in line with the Belt and Road Initiative’s philosophy of innovation, integration, joint development and inclusion of local expertise has ventured with K-Electric to provide low-cost, clean energy solutions that are the cornerstone for economic growth in all economies in development. Green energy not only helps to solve the problem of climate change, but also provides a competitive advantage to industrial consumers through cost optimization. Given the recent floods in Pakistan, we strongly believe that adding renewable energy sources to the country’s energy mix is becoming a necessity. We hope that this partnership will yield great results for both organizations and culminate in joint implementation of renewable energy projects in Pakistan.
On the occasion, KE’s Chief Marketing and Communications Officer, Ms. Sadia Dada, Head of Business Development, Mr. Mudasir Zuberi, were accompanied by Senior Advisor Mr. NA Zuberi, Deputy General Manager, Project Development, Mr. Mustafa Umar Riaz of CTGSAIL. Other senior members from both organizations were also present.