The Pakistani power utility K-Electric plans to invest US$1.5bn in upgrading and expanding power generation and distribution infrastructure over the next three years. The company intends to complete the 900 MW Bin Qasim III gas-fired power plant, which is due to be commissioned in 2021, and set up new grid stations to power off-take of up to 1,400 MW from the national grid by 2023. In addition, K-Electric will develop 150 MW of solar projects at Vinder, Uthal and Bela as joint ventures under KE Venture Company Ltd (KEVCL), its holding company for investments in the power sector.
K-Electric has an installed capacity of 2.3 GW and in addition, has arrangements with independent power producers (IPPs) for around 1.4 GW. In October 2016, Abraaj Group agreed to sell its 66.4% stake in K-Electric to Shanghai Electric Power Co (SEP) for US$1.77bn. Abraaj Group filed for liquidation in June 2018. SEP remains on track to purchase the company, but the transaction is facing delays.
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