KARACHI: After acquiring 54 percent shares in K-Electric, Shahriar Chishti – the Head of AsiaPak Investment – on Wednesday revealed that the AsiaPak Investment Company is set to takeover K-Electric soon, ARY News reported.
Speaking at a press conference, Shehryar Chishti disclosed that an investment of $3.5 billion will be made in the next five years for cheap electricity. This investment will encompass wind, coal, and solar energy projects to ensure affordable electricity for the citizens of Karachi.
In the first phase, the power plant located in Jamshoro will be shifted from imported coal to Thar coal as the production at Jamshoro Coal Power Plant has been shut down due to non availability of imported coal.
He mentioned that discussions with the government to operate the plant are in the final stages. Once completed, the 660-megawatt power plant in Jamshoro will be operational on coal, enabling electricity availability within six months.
The development of the Jamshoro coal power plant’s modification project will incur a cost of $50 million, as disclosed by Shehryar Chishti. Furthermore, a second unit of 660 megawatts (MW) of Thar coal will be installed at the Jamshoro coal power plant.
“For the next five years, Karachi is expected to gain 3,000 megawatts (MW) of affordable electricity from wind and solar projects,” Shehryar Chishti said.
Shehryar Chishti said that a substantial investment of $2.5 billion aimed at providing cost-effective electricity to the residents of Karachi, have garnered support from UAE.
Shehryar Chishti emphasized the importance of financing coal projects through banks to achieve the goal of obtaining cheap electricity.
