Kuwaiti EnerTech eyes renewable energy partnership with K-Electric in Pakistan

KARACHI: EnerTech Holding, a Kuwait-based company that invests in renewable energy and clean technology, met with K-Electric on Thursday to discuss potential collaboration opportunities in the country’s energy sector.

The meeting was attended by Abdallah Al-Mutairi, CEO of EnerTech Holding, and Moonis Alvi, CEO of K-Electric, along with other senior officials from both companies.

EnerTech Holding expressed its interest in supporting K-Electric’s ambitious plans to increase the share of renewable energy in its generation mix, which aligns with Pakistan’s national vision for a greener and more sustainable future.

“We have been exploring various markets and identifying partners in leading utilities with whom we can collaborate and catalyse the transformation,” Al-Mutairi said in a statement.

“We’re very pleased to see K-Electric’s ambitions for Karachi and its alignment with the country’s renewable energy vision. We believe that a collaboration which combines EnerTech’s expertise and K-Electric’s legacy can have tremendous implications to accelerate these efforts.”

K-Electric had planned an Rs484 billion investment plan in transmission and distribution until the year 2030. The company has also shared a comprehensive Power Acquisition Program outlining the inclusion of up to 1,200 MW of renewable energy into its generation mix through strategic partnerships across the country.

The statement said K-Electric anticipates that by 2030, the company will be serving 5 million customers with a demand of 5,000 MW. “Through investments and strategic partnerships with entities like EnerTech, the company intends to serve up to 30 percent of this projected demand through renewable energy. This is also going to reduce dependence on imported fuels for electricity production, benefitting the national exchequer, the statement added.

K-Electric chief said it is important to address the energy trilemma that is facing almost 40 million electricity users across the country.

“We have to ensure reliability, affordability, and sustainability of energy, and our investment plans and the multi-year tariff requests we have made with the regulator are specifically to provide the enabling environment to cater to the current and future needs of our customers,” Alvi said.

“We look forward to working with entities like EnerTech, which have an established global footprint and an investment portfolio coupled with a network of experts in the energy space who can help us learn the best global practices and tailor our plans to deliver energy efficiently and effectively to our customers.”

EnerTech Holding is a leading force for strategic investments in renewable energy, clean technology, and energy efficiency.

The company has a presence in 65 countries and has recently signed a $750 million agreement with the Pak Kuwait Investment Company (PKIC) to jointly explore investment opportunities and business potential within Pakistan.

EnerTech Holding is a fully-owned subsidiary of the National Technology Enterprises Company (NTEC), which is a wholly-owned subsidiary of the world’s oldest sovereign fund, the Kuwait Investment Authority.