- Announces agreement with Orient Energy Systems
Lucky Cement Limited, one of Pakistan’s biggest cement manufacturers, announced entering into an arrangement with Orient Energy Systems (Private) Limited, an engineering company, for the supply and installation of 25.3 MW captive solar power project at its Karachi plant.
In a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday, the cement manufacturer shared that the estimated cost of the project is Rs3 billion
“The company is in the process of establishing Letter of Credit (LCs) for import of equipment, which is subject to receiving approval from the State Bank of Pakistan (SBP),” read the notice.
The project is expected to be completed in approximately eight months after the establishment of LC, said the company.
It added that the power project is in addition to the earlier announced 34MW captive solar power project with a 5.589MW Reflex energy storage at the company's plant in Pezu, Lakki Marwat.
“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 initiatives for investment in renewable energy projects will play a key role in cost savings as well as reduction of country's reliance on imported fuel.”
Earlier in June, Lucky Cement’s Board of Directors authorised its management to undertake a feasibility study for a renewable energy project at its plant in Karachi.
Moreover, back in March, Lucky Electric Power Company Limited (LEPCL), a wholly-owned subsidiary of Lucky Cement, successfully completed the commissioning of its 660MW supercritical, lignite coal-based power plant at Deh Ghangiaro, Bin Qasim, Karachi.
The power plant was synchronised with the national grid towards the end of CY 2021 and achieved Commercial Operations Date (COD) on March 21, 2022.