Siemens (Pakistan) Engineering Company Limited has been granted an Engineering, Procurement and Development (EPC) contract by Karachi’s power company K-Electric for the construction of a 500/220 kV grid at KANUPP – K-Electric Interconnection (KKI).
The Karachi-based power supply firm informed the Pakistan Stock Exchange (PSX) on Friday that the estimated value of the EPC contract is roughly $84 million (Rs15.68 billion).
The grid station’s construction will allow the company to fulfil the rising electricity demand of Karachi’s industrial, commercial, and residential sectors, according to the notification.
“Completion of this project will enable KE to import additional power of up to 800 MW from the national grid from summer 2024,” KE said in its notice.
KE received $100 million in finance from the Dutch Development Bank FMO last month to expand its transmission and distribution network within a 6500-kilometer operational zone.
The utility said at the time that it plans to use the funds to expand its infrastructure to previously unserved areas of its operational territory, bringing more residents into its 3.2 million-strong customer base.
Meanwhile, according to the KE’s most recent financial records, the company’s profit fell by 84 percent to Rs1,490 million in July-March 2022, compared to Rs9,443 million in the same period last year.