KARACHI: Lucky Cement Limited on Wednesday announced a signing of an agreement for installation of a 25.3 megawatts captive solar power project at an estimated cost of Rs3 billion.
In a communication sent to Pakistan Stock Exchange (PSX), Lucky Cement informed that it had entered into an arrangement with Orient Energy System (Private) Limited for the supply and installation of a 25.3 MW captive solar power project at its Karachi plant.
READ MORE: Lucky Cement posts record Rs36.42 billion profit
The estimated cost of the project is Rs3 billion and the company is in the process of establishing LCs for import of equipment which is subject to receiving approval from the State Bank of Pakistan (SBP).
The project is expected to be completed in approximately eight months after the establishment of the LC.
The company further said that the information is in addition to the earlier announced 34 MW captive solar project with a 5.589 MW Reflex energy storage at the company’s plant in Pezu, Lakki Marwat.
READ MORE: Lucky Cement announces Rs26.53 billion 9M profit
Sustainability and adoption of clean energy has remained a cornerstone of the company’s strategy and it was one of the first cement companies to install waste heat recovery (WHR) units at both its plant sites.
The company’s initiative 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.
READ MORE: Lucky Cement installs 34MW solar power project