Asia Pak's Acquisition of K Electric: A Promise of Cheap Electricity for Karachi
Shehryar Chishti, the Head of AsiaPak Investments, has acquired a majority stake in K Electric, paving the way for affordable electricity for the residents of Karachi. The aim is to achieve this goal in the next three to five and a half years through substantial investments in various energy sources.
To make affordable electricity possible, investments will be made in coal, wind, and solar power. The first step is transitioning the imported coal power plant in Jamshoro to Thar coal. With a ready 660 MW coal plant in Jamshoro, a plan is in place to shift the Shoro coal plant to generate electricity using Thar coal within the next six months. This transition is estimated to cost $50 million, and an additional 660 MW local coal plant will also be installed in Jamshoro.
Additionally, the plan includes generating 3000 MW of cheap electricity from wind and solar energy over the next five years, with a hefty investment of $2.5 billion supported by investors from the United Arab Emirates.
Shehryar Chishti expressed readiness for the potential sale of K Electric to Shanghai Electric and encouraged Pakistani banks to finance the coal projects.
In a commitment to prioritize affordability, Chishti confirmed that K Electric will not pay dividends until the generation average is lower than the countrywide average. This approach solidifies their dedication to providing cost-effective electricity solutions for the people of Karachi.
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