Pakistan to get two new power projects

Karachi: A US-based company will soon set up two power generation plants, 250 megawatts each, at Port Qasim and Karachi Port at an estimated cost of $1 billion.

In this regard, M/s Matrix Group Consulting Limited (MGCL), Port Qasim Authority (PQA) and Karachi Port Trust (KPT) signed a memorandum of understanding at a local hotel on Saturday.

The two power generation projects, which would be completed in two different phases, would collectively add 500 MW to the shortage-stricken national grid in the first phase that would be expandable to 500MW more in future.

MGCL would finance the development of two facilities near Mauripur belt and Bin Qasim Thermal Power Plant at KPT and PQA respectively over the next two years.

To make the project cost effective, the PQA plant would run on coal, while the one to be built at Karachi Port would consume wind energy.

The project, as per the agreement, would be carried out on 50:50 basis in which the foreign firm would provide the funds, while PQA and KPT will contribute land. The start-up of work on the projects, to be undertaken on fast track basis, would, however, be subject to the approval of government of Pakistan.

According to representatives of KPT and PQA, the two facilities, which had a target to produce 870MW electricity by 2050 will also cater for the loadshedding-hit city in line with the corporate responsibility of the two port operators.