The Board of Directors (BoD) of Lucky Cement Limited (PSX: LUCK) has given the green light to a 28.8 MW captive wind power project to be established at its Karachi facility, as disclosed in the company’s filing on PSX this Monday.
The project is slated for completion by the conclusion of FY24.
Furthermore, the Board has granted approval for the initiation of solar power projects with capacities of 6.3 MW and 2.5 MW at the company’s Karachi and Pezu plants, respectively, with an anticipated completion date in Q3 of FY24.
These solar power endeavors complement the recently commissioned 25 MW and 34 MW projects at the Karachi and Pezu facilities, respectively.
The estimated investment for these forthcoming projects amounts to Rs11 billion.
Statement from Lucky Cement reads “With commitment to sustainable environmental practices, the incorporation of renewable energy into our power generation mix will see a substantial increase following the successful execution of these aforementioned projects”.
The company’s dedication to investing in renewable energy projects will not only contribute to cost savings but also reduce the nation’s dependency on imported fuel.
The said projects are expected to reap positive benefits for the company in the form of Energy Savings.
Analysts expect PKR 340 million of PKR 1.08/Share Annual Savings for the company net of associated Finance and Admin Costs
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