Pakistan’s leading Steel rebar manufacturing company, Agha Steel Industries, has signed a contract to install a 2.25 Megawatt solar power project at its production facility located at Port Qasim Karachi.
The project will primarily be funded with Borrowings which will be arranged by Meezan Bank.
With he proposed project, Agha Steel Industries intend to bring Green Steel Revolution improving the energy efficiency and reducing the reliance on the national grid. The 2.25 Megawatt solar power project would also reduce carbon emission by 46,000 tons in its life of 20 years.
This solar power plant is expected to produce around 3.3 million units of clean and renewable electricity every year resulting in a significant drop in the carbon footprint of Agha Steel Industries.
Agha Steel Industries is currently in expansion phase where its rebar capacity is being increased to 650,000 tons per annum from the existing capacity of 250,000 tons per annum.
Electricity has a major cost in steel production and Agha Steel has decided to bring down its production cost through solar power production. Agha Steel has projected that once expansion with MiDa technology takes place in September 2021, it would reduce its electricity consumption by a hefty 20%, and its production losses in terms of raw material would be reduced by 8%.
Speaking at the occasion, Mr. Hussain Agha CEO of Agha Steel said
Mr. Ariful Islam, Deputy Chief Executive Officer, Meezan Bank Ltd while appreciating the green initiative said:
Agha Steel’s solar power project will also support Pakistan’s aim to become a low-carbon, renewable energy-reliant economy by 2030 and contributes to its national target in reducing greenhouse gas emissions to combat climate change.
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