Karachi Electric Supply Company, Aman Foundation have taken a lead role in the setting up of a renewable energy venture
Karachi, November 12, 2012 (PPI-OT): Karachi Electric Supply Company (KESC) and Aman Foundation in pursuance of their combined efforts to establish green energy projects have taken a lead role in the setting up of a renewable energy venture: ‘Karachi Organic Energy Ltd’ (KOEL). KOEL, a joint venture between Karachi Electric Supply Company (KESC) and Aman Foundation, is potentially the largest Bio-Waste to Energy Power Plant of its kind, located in the Landhi Cattle Colony of Karachi. Other local and foreign entities including technology providers, HimarkBioGas.Com and even General Electric Company (GE) have shown interest in investing in this project.
In a major development marking this project, the International Finance Corporation (IFC) signed a ‘Cooperation Agreement’ with KOEL on November 12, in a ceremony held at the Governor House. This agreement is a significant milestone for KOEL as well as for IFC, since this will be the first initiative for IFC’s advisory services project in the Middle East and North Africa.
Under the terms of this agreement, IFC will provide project management support to steer the overall project development activities and provide financial support on a number of specific work packages and value-added activities, including feedstock survey and logistical planning, supply chain development, rollout of many socio-economic initiatives and evaluating carbon / concessional finance options.
At the signing ceremony Tabish Gauhar, CEO KESC said; “There is tremendous potential in this bio-gas project, since its footprint extends beyond power generation, by having a positive outreach for the community and importantly for the environment.
At the occasion Ahsan Jamil CEO Aman Foundation said; “Aman’s mandate to make transformative community impact in Karachi and Pakistan, is only further enhanced by this venture. We firmly believe that sustainability in all its forms delivers to our core purpose – to transform ordinary lives.”
Speaking at the ceremony, the Governor Sindh, Dr. Ishrat ul Ibad said; “This green energy project spearheaded by KESC, Aman and partnered by IFC, marks the first step towards a new era of clean energy in Pakistan. Such ventures, which contribute towards reducing the energy crunch in an eco-friendly manner while paying back to the community, can prove to be a paradigm shift in the energy equation of our country.
KOEL will be utilizing biodegradable waste from the Landhi Cattle Colony and organic food waste from the city to produce 22MW of electricity and 100,000 tons per annum of organic fertilizer. This is the first time in Pakistan in which this source of renewable energy will be utilized at a large scale and is expected to serve as a model to be replicated across the country.
“This project will help demonstrate the value that clean production programs could add to the economy and communities, said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “This plant will not only help address environmental issues but it will also contribute electricity to Pakistan’s power grid.
The project is also expected to have an extended positive spill over, since many social development initiatives such as infrastructure development, improved methods of farming, healthcare and educational programs will be engaged for the uplift of the community in the cattle colony, as well as have significant environmental improvements through proper waste disposal.
For more information, contact:
Assistant Manager, Media and PR
Karachi Electric Supply Company Limited (KESC)
2nd Floor, State Life Building No 11,
Abdullah Haroon Road, Saddar,
Tel: +9221 9920 7163
Cell: +92346 822 3641