ISLAMABAD: On Tuesday, K-Electric announced that JCM Power, a Canadian renewable energy company, has submitted the lowest bid, paying an average cost of Rs8.9189 per unit for a 220-megawatt hybrid wind-solar project in Dhabeji, Sindh.
“JCM Power is the lowest-bidding company with a proposed tariff of Rs8.9189 per unit, setting a new standard in the renewable energy sector of the country,” the KE stated.
For a 25-year period, the real bid is approximately 3.0899 US cents, with the principal components consisting of 80 percent US dollars, 13 percent Karachi Interbank Offered Rate (Kibor), and 7 percent Secured Overnight Financing Rate (SOFR), which is the London Interbank Offered Rate’s substitute (Libor).
KE declared earlier this month that it had received seven offers for the Dhabeji hybrid wind/solar project, Pakistan’s first 220 MW project. KE announced that, after receiving approval from the regulator in the first half of 2024, it was leading the way in the renewable energy industry’s competitive bidding procedure.
Mooni Alvi, the CEO of KE, praised the result on social networking platform X, writing, “Thank God! KE surpasses its own benchmark! The first 220 MW hybrid project in Pakistan obtained the lowest tariff bid, at PKR 8.91/unit. a significant step toward competitive bidding for sustainable energy. We’re removing the reliance on more expensive fuels, making reasonably priced electricity available.
Because the bidding was site neutral, the KE’s previous attempt to win a 150 MW solar power project in Balochistan in August garnered an indicative tariff of about Rs11.2 per unit, subject to some variance.
To “add 1,282MW of renewable energy, including solar and wind projects, by 2030,” KE had testified in May before the National Electric Power Regulatory Authority (Nepra).
