EnerTech to partner with Pakistan’s K-Electric

EnerTech Holding, an energy company based in Kuwait, is actively exploring potential collaborations and investment prospects with Pakistan’s K-Electric power supply company. The primary objective of this partnership, as highlighted in a joint statement released by both entities, is to facilitate and expedite Pakistan’s transition towards renewable energy sources.

During the previous fiscal year, Pakistan’s energy imports accounted for a significant portion of its total imports, reaching a value of $23.3 billion, equivalent to 29 percent of the overall import expenditure. However, in the ongoing fiscal year, the energy product imports have decreased to $7.7 billion, according to data provided by the Pakistan Bureau of Statistics (PBS).

Recognising the necessity to reduce its reliance on imported fossil fuels and conserve foreign exchange reserves, Pakistan has articulated its intention to raise the proportion of clean energy within its energy mix to 60 percent by the year 2030. Presently, renewable energy contributes merely around 4 percent of the total energy generation.

Abdallah Al-Mutairi, the CEO of EnerTech Holding, expressed satisfaction with K-Electric’s aspirations for Karachi and their alignment with Pakistan’s renewable energy vision. During a meeting with Moonis Alvi, the head of K-Electric, Al-Mutairi remarked, “We are enthusiastic about K-Electric’s vision for Karachi and its synergy with the national renewable energy goals. The fusion of EnerTech’s expertise and K-Electric’s established legacy holds the potential to make significant strides in expediting these endeavours.”

According to the jointly issued statement, K-Electric envisions providing electricity to approximately five million customers, with a projected demand of 5,000 megawatts (MW) by 2030. Through strategic investments and partnerships, such as the one with EnerTech, K-Electric aims to cater to up to 30 percent of this anticipated demand through renewable energy sources. This strategic move not only diminishes dependence on imported fuels for electricity generation but also contributes positively to the national economy.

Moonis Alvi emphasised the value of collaborating with entities like EnerTech, lauding their extensive global presence and investment portfolio, coupled with a network of energy experts. Alvi’s sentiment was captured in the statement: “We eagerly anticipate collaborating with organisations like EnerTech, who possess a well-established global footprint and a diverse investment portfolio, along with a network of industry experts. Their insights will enable us to assimilate the finest global practices and tailor our strategies to efficiently and effectively provide energy to our customers. Our aspiration is to work closely on initiatives that can expedite Karachi and Pakistan’s journey towards a more environmentally sustainable future.”

EnerTech Holding operates as a wholly-owned subsidiary of the National Technology Enterprises Company (NTEC), itself a subsidiary of the Kuwait Investment Authority, recognised as the world’s oldest sovereign fund and boasting a presence in over 65 countries.