The management of Lucky Cement is planning to set up a renewable energy project at its plant in Karachi. It will consists of both solar and wind power.
According to the stock filing, Lucky Cement’s board of directors authorized the management in a recent emergency meeting to undertake a feasibility study for a renewable energy project at its plant in Karachi.
The company’s initiatives for investment in renewable energy projects will play a key role in cost savings and reducing the country’s reliance on imported fuel.
Renewable energy is the source of low-cost electricity as compared to various alternative sources of power production that generate expensive power these days. This results in a high cost of the production of cement and translates into cement end prices at the domestic and local levels, and ultimately hurts the company’s sales.
Renewable energy helps companies control carbon emissions from their operations. Lucky Cement is already in the process of installing a 34 MW captive solar power project with a 5.589 MWh Reflex energy storage at its plant site in Pezu, Lakki Marwat. Currently, the share of Waste Heat Recovery (WHR) in the company’s total power generation is 25 percent, which is environment-friendly and results in low-cost energy.
