Prime Minister Shahbaz Sharif is anticipated to engage in discussions concerning K-Electric (KE) issues and investment opportunities in solar power projects during his upcoming visit to Saudi Arabia .
The resolution of certain pending issues of KE follows a meeting convened at the Prime Minister’s Office (PMO) under the Special Investment Facilitation Council (SIFC).
Sharif is also slated to explore proposed financing transactions under the Saudi Fund for Development (SFD) with Saudi authorities.
Recent discussions during a visit by a Saudi Fund for Development team revolved around the utilization status of $91 million financing allocated for Lot-II of the Jamshoro coal-fired power project signed in 2019. Technical obstacles have currently halted the implementation of Lot-II, with discussions focusing on proposing alternative projects or transactions for utilizing the SFD financing offer.
During the visit, Prime Minister Sharif will convene SIFC meetings and engage in bilateral discussions with Saudi counterparts and other leaders, including meetings with Saudi company M/s ACWA Power, expressing interest in developing renewable energy projects totaling 3,000 MW.
Additionally, the Private Power and Infrastructure Board (PPIB) has pledged support for M/s ACWA in establishing 1,200 MWp solar projects in South Punjab. PPIB Managing Director Shah Jahan Mirza has confirmed the preparation of a draft Inter-Governmental Framework Agreement (IGFA) between Saudi Arabia and Pakistan for cooperation in power project development.
