KARACHI: K-Electric (KE) and two Chinese companies i.e. China Machinery Engineering Corporation (CMEC) and China Datang Corporation have signed an agreement to build two coal-powered 350-megawatt power plants in Karachi near Port Qasim with an investment of $1 billion.
According to KE Spokesman Usama Qureshi, the agreement follows the MoU that has been signed earlier.
The electric company is close to the completion of its acquisition process of 200 acres of land in the Textile City, which is located near Port Qasim. A coal import terminal is already being built by a local company at the port.
The project will be financed on the basis of 75%-25% debt-equity ratio. KE has 24% stake in the project while CMEC and Datang have 25% and 51%, respectively.
