AsiaPak Investment Company’s Head, Shahriar Chishti, announced on Wednesday that the company has acquired 54 percent shares in K-Electric and is set to take over the company soon. During a press conference, Chishti revealed plans for a $3.5 billion investment over the next five years to ensure affordable electricity for the citizens of Karachi.
The investment will focus on various energy projects, including wind, coal, and solar energy, to provide cost-effective electricity to the people. In the first phase, the power plant in Jamshoro will be transitioned from imported coal to Thar coal, enabling electricity availability within six months.
Chishti mentioned that discussions with the government for operating the plant on Thar coal are in the final stages. The development of the Jamshoro coal power plant’s modification project will incur a cost of $50 million. Additionally, a second unit of 660 megawatts (MW) of Thar coal will be installed at the Jamshoro coal power plant.
Over the next five years, Karachi is expected to gain 3,000 MW of affordable electricity from wind and solar projects. Chishti also highlighted the significant support from UAE, with a substantial investment of $2.5 billion aimed at providing cost-effective electricity to the residents of Karachi.
To achieve the goal of obtaining cheap electricity, Chishti emphasized the importance of financing coal projects through banks. This strategic investment is expected to transform the energy landscape of Karachi and ensure a steady and affordable electricity supply for the city’s residents.
