The United Arab Emirates-based company plans to develop the four power plants of 125 megawatts each, with the first to become operational by 2016.
Burj Power signed an agreement on Friday with China's Harbin Electric International, which will be the technical partner for the project.
“We will try to add one plant annually 2016 onwards, until we achieve 500MW capacity,” Burj Power CEO Shahzad Qasim told The Express Tribune.
According to Qasim, the first phase of the project alone will cost up to $170 million, while the total cost of the project is expected to be between $650 million and $700 million.
Pakistan's state-controlled power producer, Karachi Electric Supply Co, will purchase power from the plants. The purchase agreements are still being negotiated.
Burj Power is a UAE-based power project development and advisory firm developing projects in the Middle East, Asia, and Africa. The company is part of the Burj Capital group, which is also involved in investment banking, retail, agriculture, and oil and gas sectors.
Harbin is one of the biggest power engineering, manufacturing and construction groups in China.
Though regularly ranked among the most volatile Asian countries for resource investment, Pakistan boasts the world’s seventh-largest coal resources.
