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K-Electric announces fresh $1-billion investment

K-Electric announces fresh $1-billion investment

KARACHI: K-Electric (KE), currently on the crossroads of a change in management to China’s Shanghai Electric Power, has announced to invest $1 billion as it looks to meet the city’s burgeoning power needs by next summer.

The statement, in which Waqar Siddique, chairman K-Electric and managing partner at The Abraaj Group was quoted, added that Shanghai Electric Power (SEP), as a potential incoming investor, has also expressed complete confidence in the project and fully endorses the vision for Karachi’s transformation.

The Karachi-based integrated power company, KE, unveiled a plan on Monday to develop a 900-megawatt LNG-based power plant at its Bin Qasim site at an estimated cost of $1 billion, a project that includes simultaneous upgrade to associated transmission infrastructure. The plant is expected to start commercial production by “summer 2018”.