Exciting news for Karachi residents! Shehryar Chishti, the Head of AsiaPak Investments and the new majority owner of K Electric with 54% shares, has announced plans to provide cheap electricity to the people of Karachi. Isha Pak has acquired a major stake in K Electric, and they will soon take over the company’s management.
Their vision is to achieve affordable electricity for Karachi within the next three to five years by investing billions of dollars. They will invest in various energy sources, including coal, wind, and solar power. The first step will be to shift the imported coal power plant in Jamshoro to Thar coal, which can provide cheap electricity from local coal in the next six months.
To make this happen, they will invest $50 million in the transition of the Jamshoro plant to local coal and install an additional 660 MW local coal plant. They will also generate 3000 MW of cheap electricity from wind and solar energy over the next five years with a substantial investment of $2.5 billion, supported by investors from the United Arab Emirates.
Shehryar Chishti is ready to sell K Electric to Shanghai Electric and encourages Pakistani banks to finance the coal projects.
Their commitment to providing affordable electricity is evident as K Electric will not pay any dividends until the generation average is less than the countrywide average. This ensures that the focus remains on offering cost-effective electricity solutions for the people of Karachi.