Lucky Cement plans to install a 25.3MW captive solar power project in Karachi at an estimated cost of Rs3 billion.
“In continuation of our earlier disclosure on June 13, 2022, regarding feasibility study for a renewable energy project, we are pleased to inform that the company has entered into an arrangement with Orient Energy Systems Private Limited for the supply and installation of a 25.3 MW captive solar power project at our Karachi plant,” the company announced in a notice to Pakistan Stock Exchange (PSX). “The project will take around eight months after the establishment of a letter of credit (LC) and comes at an estimated cost of Rs3 billion,” said JS Global Cement Sector Analyst, Waqas Ghani Kukaswadia.
“Since solar plants have a low specific yield, a 25 MW plant will give a net output of around 5MW, which is likely to result in an annual saving of Rs480 million for the company,” explained Waqas.
“The company’s 34MW solar and 5.6MW reflex energy storage projects at Pezu, Lakki Marwat are already underway and are expected to be online with a little delay by the March quarter,” he further added.
“Sustainability and adoption of clean energy has remained a cornerstone of the company’s strategy; it was one of the first cement companies to install waste heat recovery (WHR) units at both of its plant sites,” he said.
“The company’s initiatives for investment in renewable energy projects will play a key role in cost savings as well as reduction of the country’s reliance on imported fuel,” stated the PSX notification.
