Mughal Energy approves installation of 25MW solar power plant
- Project will be financed through a combination of debt and equity
Mughal Energy Limited, a subsidiary of Mughal Iron & Steel Industries Limited, has approved the installation of a 25-megawatt (MW) solar power plant to offset auxiliary power consumption at its existing power generation facility.
The company’s board of directors approved the project at a meeting held on Wednesday, according to the filing submitted to the Pakistan Stock Exchange (PSX).
The proposed project will be financed through a combination of debt and equity, including contributions from sponsors and directors, the company said.
“The final financing structure, including the debt-to-equity ratio, shall be determined based on financing arrangements, project requirements and commercial feasibility,” read the report.
The company did not disclose the estimated project cost or the expected completion timeline.
Earlier in August, Mughal Energy Limited (MEL) had successfully commissioned the main 31.50 MW turbine of its captive hybrid power plant project.
Incorporated in Pakistan as a public limited company on February 16, 2010, under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017), Mughal Iron & Steel Industries Limited operates in the ferrous and non-ferrous business segments.
However, the company’s principal activity is the manufacturing and sale of mild steel products in the ferrous segment.
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