Beco Steel Limited said on Monday that its Board has commenced finalisation of funding arrangements with the Company’s sister concern, Beco Steel Ferrous and Non Ferrous Metal Trading LLC, United Arab Emirates (UAE), for investment in solar project.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) today.
“The Company is structuring an arm’s length investment/participation arrangement with Beco Steel Ferrous and Non Ferrous Metal Trading LLC for investment into the solar power project, aligned with the company’s policy of executing the project without reliance on conventional interest-based borrowing and reinforcing its Sharia-compliant positioning.”
Last week, the company shared it had commenced the installation of a 5-megawatt solar power plant, which is projected to generate an average of 600,000 Kwh of electricity per month.
“We are pleased to disclose the following material information: In continuation of our earlier disclosure regarding the Company’s expansion plan, including installation of a solar power plant as part of the project, the Company is pleased to inform that the construction and execution of the project has started,” the company shared.
There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors.
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