Kuwait-based energy firm EnerTech Holding is actively exploring collaboration and investment prospects with Pakistan’s K-Electric power supply company.
The objective is to expedite Pakistan’s shift to renewable energy sources, according to a joint statement released by the two entities this week. Pakistan’s energy imports, accounting for 30.7% of total imports, reached $17 billion during the previous fiscal year (2022-23).
To curtail its dependency on imported fossil fuels and conserve foreign currency, Pakistan aims to raise the proportion of clean energy in its energy mix to 60% by 2030, a considerable increase from the current 4% attributed to renewable sources.
Abdallah Al-Mutairi, the CEO of EnerTech Holding, expressed enthusiasm about K-Electric’s ambitions in line with Pakistan’s renewable energy vision. He stressed the potential of collaboration between EnerTech’s expertise and K-Electric’s legacy in driving substantial progress towards these goals.
K-Electric envisions catering to around five million customers with an electricity demand of 5,000 megawatts (MW) by 2030. The company aims to meet up to 30% of this demand through renewable energy, reducing reliance on imported fuels for electricity generation and benefiting the national economy.
Moonis Alvi, the head of K-Electric, highlighted the opportunity to work closely with global entities like EnerTech, possessing an established international presence and investment portfolio. This collaboration can facilitate the adoption of best practices, thus enhancing energy delivery to customers while promoting a greener and more sustainable future.
EnerTech Holding, a subsidiary of the National Technology Enterprises Company (NTEC) and an extension of the Kuwait Investment Authority, spans across 65 countries. Its collaboration with K-Electric aligns with both entities’ dedication to advancing sustainable energy solutions.