KARACHI, Nov 12: The Karachi Electric Supply Company (KESC) and Aman Foundation have agreed to jointly set up a renewable energy venture ‘Karachi Organic Energy Ltd’ (Koel).

On Monday, the International Finance Corporation (IFC) signed a ‘Cooperation Agreement’ with Koel. Under the terms of this agreement, IFC will provide project management support to steer the overall project development activities and provide financial support on a number of specific work packages and value-added activities, Potentially the largest bio-waste energy power plant of its kind, Koel will be located in Landhi Cattle Colony. Other local and foreign entities including techn-ology providers, HimarkBioGas.Com and General Electric (GE) have shown interest in investing.