K-Electric and China Three Gorges South Asia Investment Ltd (CSAIL) have signed a memorandum of understanding (MoU) to collaborate on exploring renewable energy including hydro projects across the country, including Azad Jammu and Kashmir.
K-Electric CEO Syed Moonis Abdullah Alvi and CSAIL CEO Wang Minsheng signed the MoU. Both companies will also work to develop a roadmap for the installation of grid-scale Battery Energy Storage Systems into KE’s network.
CSAIL 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. CSAIL has 2.6 GW of generation assets in Pakistan worth over $6 Billion and is actively undertaking investments in hydel, wind, solar, and PV power projects across emerging markets in Asia, Middle East and North Africa.
“This is a milestone moment for Karachi and its customers, and I am very pleased to be present here today,” stated Moonis Alvi on the occasion.
“We are actively working to contribute positively to the country’s ambition to increase share of clean, sustainable, and affordable energy in our mix. It is exciting to be exploring these new frontiers with global giants CSAIL as partners. Their global experience will help take our efforts forward 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 today. Induction of renewable energy is crucial to balance affordability for our customers with the impact on the environment,” he added.
Wang Minsheng while speaking on the occasion stated that this would be one more step by CSAIL for Cleaner Energy, Better Pakistan. CSAIL in line with the philosophy of “Belt and Road Initiative” of innovation, integration, mutual development and inclusion of local expertise has ventured with K-Electric for providing solutions for low-cost, clean energy which is the cornerstone for economic growth in all emerging economies.
He said that green energy not only helps solve the problem of climate change, but also provides competitive advantage to the industrial consumers through cost optimization. Considering 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 organizations and culminates in the joint implementation of renewable energy projects in Pakistan.
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