K-Electric acquires land for 700MW coal power project

KARACHI: K-Electric has acquired land from the Port Qasim authority to set up a 700-megawatt coal-fired power project, a statement said on Friday.

Chief Executive Officer Tayyab Tareen at K-Electric said the land acquisition is an important milestone for the coal project. 

“K-Electric is committed to its vision of generating and supplying affordable electricity for its consumers,” the statement quoted Tareen as saying.

Earlier, K-Electric had entered into a joint development agreement (JDA) with China Datang Overseas Investment Company and China Machinery Engineering Company last year.

JDA with the Chinese giants for the development of this project at Port Qasim has considerably progressed since it was signed. 

The statement said this project is to bring more than one billion dollars investment into Pakistan.

“This would result in diversifying the fuel mix and lowering the generation cost resulting in positive impact on end-consumer tariff,” it added.