K-Electric’s (KE) 150-megawatt solar energy projects in Balochistan have achieved a record-low tariff bid of Rs11.2 per unit, setting a new benchmark in Pakistan’s renewable energy sector, according to media reports.
The announcement was made during a recent ceremony, highlighting the growing confidence in private sector-led energy initiatives amid the country’s economic challenges.
This milestone is part of KE’s broader plan to nearly double Pakistan’s solar capacity by adding 640 megawatts (MW) of clean energy over the next two years.
KE’s ongoing projects include a 150MW solar project in Balochistan, a 270MW solar project in Sindh, and a 220MW hybrid solar-wind energy project. These ventures are crucial to KE’s strategy to reduce reliance on expensive fossil fuels and help lower Pakistan’s overall import bill.
The bidding process for these projects began in August and is expected to conclude in September 2024. These initiatives are anticipated to significantly increase the share of renewable energy in Pakistan, where solar energy currently accounts for just 1% of the energy mix.
The financial bid opening event in Karachi saw participation from international and local entities, including JCM Power Group and Hecate Global Renewables from North America, as well as Pakistani companies such as Atlas Power, Hub Power Holding Co, and Sapphire Electric Co.
