In a significant move toward renewable energy, Faisal Spinning Mills Limited (FASM) announced the successful commissioning of a 4.8MW windmill project in Unit-I Nooriabad, Sindh. The listed company shared the update via a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“The 4.80MW windmill project has been successfully commissioned and is currently operating in the trial run phase,” stated the company. Commercial operations at full capacity are expected by March 2025.
The announcement positively impacted FASM’s stock, with the share price rising 3.54% to Rs329.99, reflecting an increase of Rs11.29.
Established in 1985, FASM specializes in manufacturing and selling yarn, greige fabric, dyed fabric, and home textile products. Despite posting a Rs406.93 million loss after tax in Q1 FY2024, compared to a Rs81.10 million profit during the same period last year, the company remains optimistic about recovery.
“The persistent challenges of high energy costs, elevated borrowing rates, and a sluggish global textile outlook have impacted the company. However, the management is confident about potential recovery in the coming quarters,” said its latest report.
As Pakistan increasingly adopts renewable energy solutions, both residential and commercial sectors are transitioning toward alternatives like wind and solar power. This shift highlights the growing demand for clean energy, although it also poses challenges for policymakers in balancing the national grid’s requirements amidst stagnant electricity consumption.
