KUWAITI-BASED ENERTECH HOLDING EXPLORES COLLABORATION WITH K-ELECTRIC IN ACCELERATING GREEN ENERGY TRANSITION.

Karachi, August 11, 2023: “Pakistan’s energy landscape is rapidly changing, and clean energy is increasingly taking center stage. At EnerTech Holding, we have been exploring various markets and identifying partners in leading utilities with whom we can collaborate and catalyze the transformation. We’re very pleased to see K-Electric’s ambitions for Karachi and its alignment with the country’s renewable energy vision. We believe that a collaboration which combines EnerTech’s expertise and K-Electric’s legacy can have tremendous implications to accelerate these efforts.” These comments were made by His Excellence Abdallah Al-Mutairi, CEO of EnerTech Holding during a meeting with CEO K-Electric, Moonis Alvi.

The meeting between EnerTech and KE management marks a significant step towards furthering clean technology initiatives in the region, which form an integral part of KE’s forward-looking vision. In addition to a PKR 484 billion investment plan in transmission and distribution until the year 2030, K-Electric has also shared a comprehensive Power Acquisition Program outlining the inclusion of up to 1200 MW of renewable energy into its generation mix through strategic partnerships across the country. K-Electric anticipates that by 2030, the company will be serving 5 million customers with a demand of 5,000 MW. Through investments and strategic partnerships with entities like EnerTech, the company intends to serve up to 30% of this projected demand through renewable energy. This is also going to reduce dependence on imported fuels for electricity production, benefitting the national exchequer.

CEO K-Electric Moonis Alvi expressed his enthusiasm about the meeting, stating, “Now, more than ever, it is important to address the energy trilemma that is facing almost 40 million electricity users across the country. We have to ensure reliability, affordability, and sustainability of energy, and our investment plans and the Multi-Year Tariff requests we have made with the regulator are specifically to provide the enabling environment to cater to the current and future needs of our customers. We look forward to working with entities like EnerTech, which have an established global footprint and an investment portfolio coupled with a network of experts in the energy space who can help us learn the best global practices and tailor our plans to deliver energy efficiently and effectively to our customers. We hope to work closely on opportunities that can accelerate Karachi and Pakistan towards a greener and more sustainable future.”

EnerTech Holding is a leading force for strategic investments in renewable energy, clean technology, and energy efficiency. Their keenness to invest in Pakistan is indicated by a USD 750 million agreement with the Pak Kuwait Investment Company (PKIC) to collaborate and jointly explore investment opportunities and business potential within the country. EnerTech Holding is fully-owned subsidiary of the National Technology Enterprises Company (NTEC), which is a wholly-owned subsidiary of the world’s oldest sovereign fund, the Kuwait Investment Authority, which has a presence in 65 countries in the world.

ABOUT K-ELECTRIC:

K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005 KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 km square territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.

ABOUT ENERTECH

EnerTech is a fully owned subsidiary of National Technology Enterprises Company (NTEC). Established in 2012, EnerTech’s mission is to initiate its own development projects and participate in projects within the energy, clean technology, recycling, water, waste management and renewable energy sectors. For more information: https://enertech.com.kw/