Karachi: In a groundbreaking move, K-Electric (KE) has received the country’s lowest tariff bid for its pioneering 220 MW hybrid wind and solar energy project in Dhabeji, Sindh. The event marked a significant milestone in Pakistan’s renewable energy sector, underscoring KE’s leadership in competitive bidding processes for sustainable power solutions.

According to K-Electric, JCM Power, a Canadian-based renewable energy firm, submitted the winning bid of PKR 8.9189 per unit at a private bid-opening event earlier this month. This record-low tariff sets a new standard in the national energy market and positions KE at the forefront of adopting innovative energy solutions. The utility company plans to submit the bid evaluation report to the National Electric Power Regulatory Authority (NEPRA) for approval, moving closer to achieving its goal of a 30% renewable mix by 2030.

Moonis Alvi, CEO of KE, expressed satisfaction with the bidding process, noting its transparency and the significant interest it garnered from investors. He commended the lowest bid, highlighting the potential for this project to reduce energy costs and lessen reliance on expensive imported fuels. Alvi also appreciated NEPRA’s support in fostering a competitive bidding environment that aligns with KE’s strategic vision.

Shahab Qader, KE’s Chief Strategy Officer, pointed out that this project is a first of its kind in Pakistan, integrating both solar and wind technologies to enhance operational and financial efficiency. He emphasized that the overwhelming response to the project, with 2960 MW in offers for a total of 370 MW in planned capacity across various locations, reflects the utility’s commitment to providing cost-effective power generation solutions.

This initiative not only promises to reduce dependence on higher-cost energy sources but also aims to drive economic growth through strategic investments in renewable energy.