Karachi: K-Electric (KE) has accepted a USD 50 million loan to upgrade its power infrastructure to lessen its line losses, according to the news sources.
The company officials said on Tuesday that this amount will be utilised to install anti-theft aerial bundled cable (ABC), and advanced grid solutions.
According to the news sources, the dual currency 5.5-year (corporate term) loan will be divided into two tranches denominated in both dollar and rupee. Standard Chartered Bank is the provider of the loan, while GuarantCo is the guarantor to this loan agreement, with a partial guarantee to support the loan facility.
GuarantCo will provide a USD 185,000 grant to co-finance the awareness and capacity building workshops, in order to eliminate safety risks and technical/non-technical losses in K-Electric’s distribution/transmission network.
Chief Executive Officer (CEO) KE Moonis Alvi expressed that this loan will expedite the ABC roll out to reduce line losses and power theft, which is part of the company’s vision of a Karachi free of any load shedding.
Please note that the KE is the single, vertically-integrated power utility in the country. Presently, it is serving more than 2.5 million customers across the city, Gharo and Dhabeji in Sindh, and Bela, Uthal, and Vinder in Balochistan.
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