Saif Textile Mills Limited, a local yarn manufacturer, has inked a deal for the installation of a 10-megawatt solar power system, a move aimed at cutting energy costs and boosting profitability.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“Saif Textile Mills Limited has signed a contract with SkyElectric (Private) Limited for the supply and installation of a 10MW solar power system.
“Once this solar power system becomes operational, it is expected to reduce the power cost and thus have a positive impact on the profitability of the company,“ read the notice.
Saif Textile Mills Limited is a Public Limited Company incorporated in Pakistan on December 24, 1989, under the Companies Ordinance,1984 (now the Companies Act, 2017). The company is principally engaged in the manufacture and sale of yarn.
There has been a growing shift towards alternative energy sources in Pakistan, 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 month, Kohinoor Mills Limited (KML) announced plans to install a 7.2-megawatt solar power system as part of its push for sustainable operations and cost efficiency.
Dewan Cement Limited successfully commissioned a 6MW solar power system at its manufacturing facility in Karachi.
In May, International Steels Limited (ISL), a subsidiary of International Industries Limited, completed and activated a 6.4-megawatt (MW) solar power project at its factory in Karachi.
In March, Tariq Corporation Limited (TCORP), engaged in the manufacturing of sugar and its by-products, announced plans to set up a 200KW solar power system at its facility.
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