KE gets lowest Rs8.91 bid from JCM Power for 220mw hybrid project

September 24, 2024 (MLN): Canadian renewable energy firm JCM Power has clinched the spotlight with the lowest tariff bid of Rs8.9189 per unit for Pakistan’s first 220 MW hybrid wind-solar project in Dhabeji, Sindh announced by K-Electric (KE), said a press release issued today. 

Earlier this month, KE, Pakistan’s only private utility firm, announced the receipt of seven bids for Pakistan’s first 220 MW hybrid wind/solar project in Dhabeji Sindh.

Building upon the momentum, the company marked another important milestone with the opening of the financial bids at a private event in Karachi.

KE is pioneering the competitive bidding process in the renewable energy space, following approval from NEPRA in the first half of 2024.

With the launch of these projects, KE is sprinting ahead towards a sustainable and promising future, in line to enhance the share of renewable energy to 30% in its mix by 2030.

As a next step, KE will submit the bid evaluation report to NEPRA for its approval. 

Sharing his views on the achievement, Moonis Alvi CEO KE said, “We are very happy to see such a bid, which has been driven by a very transparent bidding process."

 He also congratulated the qualifying bidder and extended warm gratitude to the investors for their continued confidence in KE as a brand and in Pakistan’s economic potential.

“We deeply appreciate NEPRA supporting us in a competitive bidding process on such a complex and innovative project," he said.

It aligns seamlessly with KE’s vision to induct renewables, reduce generation costs, and gradually reduce dependence on expensive imported fuel sources. With this kind of tariff, we anticipate that the government will have the capacity to pass on the relief to customers as well, he added.

Shahab Qader, Chief Strategy Officer KE said that this is a momentous occasion as KE breaks the barrier yet again.

This project is the first in Pakistan to integrate solar and wind energy for improved operational and financial efficiency, he stated.

These unique specifications also made this project technically demanding requiring deeper expertise.

These renewable energy projects at Winder and Bela in Balochistan, and the latest one in Dhabeji, Sindh, totaling 370 MW, have received a resounding 2960 MW in offers.

This response serves as an affirmation of the utility’s long-term strategy to make the cheapest cost of generation possible” 

This strategic approach has the potential to break the cycle of dependence on costlier sources and reduce overall energy production costs and, simultaneously contributing towards catalyzing the economic progress of the country.

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