Lucky Cement to install solar plants in Karachi
Lucky Cement plans to install its own 25.3 MW solar project in Karachi for an estimated cost of Rs 3 billion.
“Following our previous announcement of June 13, 2022 regarding the feasibility study for a renewable energy project, we are pleased to announce that the company has entered into an agreement with Orient Energy Systems Private Limited for the supply and installation of a plant of 25.3 MW solar project at our Karachi facility”, the company announced in a message to the Pakistan Stock Exchange (PSX).
“The project will take approximately eight months from the establishment of a letter of credit (LC) and will estimates it will cost Rs 3 billion”, said Waqas Ghani Kukaswadia, global cement analyst at JS.
Lucky Cement to install solar plants in Karachi
“Because the solar power plants have a low specific yield, a 25 MW installation will have a net production of around 5 MW, which will likely translate into annual savings of Rs 480 million for the company,” says Waqas.
The company’s projects of 34 MW solar and 5.6 MW of reflected energy storage in Pezu, Lakki Marwat, are already underway and are expected to go online with a slight delay in the March quarter. He added, “Sustainability and the adoption of clean energy remained a cornerstone of the company’s strategy; was one of the first cement companies to install heat recovery units (WHR) at both sites of the plant”.
