Karachi: The Private Power and Infrastructure Board (PPIB), acting as the main agency for the federal government, has announced the successful financial completion of Pakistan’s biggest coal-fired power project in Thar, securing a large investment of USD 2 billion.
Located in Thar, this project has a powerful capacity of 1,320MW and was built by Shanghai Electric Corporation in China. This key achievement is part of the larger China-Pakistan Economic Corridor (CPEC) plan.
The official financial agreement was signed by Zhou Bo, the head of the Industrial and Commercial Bank of China (ICBC) in Karachi, and Shah Jahan Mirza, the managing director of PPIB and CEO of Meng Donghai, the company handling the project.
Despite challenges from the Covid-19 pandemic, the project, mainly funded by Shanghai Electric Group Corporation, started and finished construction on February 5, 2023, meeting the tight deadlines set by the Chinese and Pakistani governments.
Using modern technology, the Thar power plant meets environmental standards set by the Pakistan Environmental Protection Agency, World Bank, and International Finance Corporation (IFC). The project, with a cost of PKR 4.98/kWh, is known as the second-most affordable power project.
Besides, the Thar power plant will help greatly reduce the yearly cost of electricity by about PKR 200 billion and is expected to save around USD 500 million in foreign money every year. With this financial success, the total power from the five Thar coal-based power projects now reaches 3,300MW, greatly increasing the country’s power generation using domestic fuel and expected to produce nine billion units of electricity annually. For the latest Real Estate News and Blogs, visit Realtorspk blogs.