KE gets lowest bid for 220MW hybrid project

K-Electric on Tuesday declared a Canadian renewable energy firm — JCM Power — as the lowest bidder for offering Rs8.9189 per unit average tariff for a 220-megawatt hybrid wind-solar project at Dhabeji, Sindh. “With Rs8.9189 per unit, JCM Power has emerged as the bidder with the lowest proposed tariff, establishing a new precedent in the country’s renewable space”, the KE said. The actual bid is around 3.0899 US cents for a term of 25 years, involving major components of 80pc US dollar, 13pc Karachi Interbank Offered Rate (Kibor) and 7pc Secured Overnight Financing Rate (SOFR) – the replacement for London Interbank Offered Rate (Libor). Earlier this month, KE announced that it had received seven bids for Pakistan’s first 220MW hybrid wind/solar project in Dhabeji. KE said it was pioneering a competitive bidding process in the renewable energy sector following the regulator’s clearance in the first half of 2024.