AIRLINK 189.45 Increased By ▲ 1.42 (0.76%)
BOP 11.20 Decreased By ▼ -0.66 (-5.56%)
CNERGY 7.29 Decreased By ▼ -0.25 (-3.32%)
FCCL 36.70 Decreased By ▼ -1.09 (-2.88%)
FFL 15.00 Decreased By ▼ -0.24 (-1.57%)
FLYNG 26.39 Increased By ▲ 0.86 (3.37%)
HUBC 131.45 Increased By ▲ 1.30 (1%)
HUMNL 13.50 Decreased By ▼ -0.11 (-0.81%)
KEL 4.27 Decreased By ▼ -0.08 (-1.84%)
KOSM 6.05 Decreased By ▼ -0.12 (-1.94%)
MLCF 45.99 Increased By ▲ 0.31 (0.68%)
OGDC 202.49 Decreased By ▼ -3.94 (-1.91%)
PACE 6.10 Decreased By ▼ -0.28 (-4.39%)
PAEL 38.18 Decreased By ▼ -2.13 (-5.28%)
PIAHCLA 16.81 Decreased By ▼ -0.14 (-0.83%)
PIBTL 7.91 Decreased By ▼ -0.12 (-1.49%)
POWER 9.85 Decreased By ▼ -0.18 (-1.79%)
PPL 173.84 Decreased By ▼ -5.00 (-2.8%)
PRL 34.94 Decreased By ▼ -1.42 (-3.91%)
PTC 24.10 Decreased By ▼ -0.29 (-1.19%)
SEARL 101.80 Decreased By ▼ -1.36 (-1.32%)
SILK 1.06 Decreased By ▼ -0.01 (-0.93%)
SSGC 32.68 Decreased By ▼ -3.56 (-9.82%)
SYM 17.95 Decreased By ▼ -0.28 (-1.54%)
TELE 8.11 Decreased By ▼ -0.27 (-3.22%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.44 Increased By ▲ 0.11 (0.16%)
WAVESAPP 11.79 Decreased By ▼ -0.22 (-1.83%)
WTL 1.53 Decreased By ▼ -0.04 (-2.55%)
YOUW 3.95 Increased By ▲ 0.06 (1.54%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

Olympia Mills Limited, engaged in power generation and textiles, has become the latest company to embrace renewable energy, as it announced plans to set up a 500KW off-grid solar power system at its facility.

The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“We are pleased to inform you that the Board of Directors of Olympia Mills Limited has approved, in principle, a green energy initiative aimed at reducing the company’s reliance on grid electricity and achieving cost savings,” read the company.

As per the notice, the company plans to install an off-grid solar power system with an initial capacity of 500KW at its factory premises.

“Depending on future requirements, the capacity may be expanded to 1MW,” it said, adding that the estimated project cost is approximately Rs50 million.

“This investment in renewable energy underscores Olympia Mills Limited’s commitment to sustainable environmental practices and aligns with our long-term vision of promoting eco-friendly operations,” it added.

In Pakistan, there has been a growing shift towards alternative energy sources, especially solar, which has become increasingly popular among residential and commercial sectors.

This rising trend has left decision-makers grappling with its implications for the national grid and energy sector, as electricity consumption remains stagnant.

Nonetheless, several projects have been initiated to exploit this relatively cheaper energy source.

Last year in April, Gul Ahmed Textile Mills Limited (GATM), one of the country’s largest textile mills, announced that it would install a 17.1MW roof-top solar plant.

Later in August, Lucky Cement, one of Pakistan’s largest cement manufacturers, announced the successful commissioning of its 25MW captive solar power plant in Karachi.

Similarly, DG Khan Cement Company Limited (DGKC), had successfully installed a 7MW on-grid solar power plant at its site in Khairpur.

Comments

200 characters
Mubashir Munir Feb 04, 2025 07:21pm
It is very important to reduce electric power cost to enhance exports otherwise close the factory
thumb_up Recommended (0) reply Reply