The Board of Directors of Thatta Cement Company Limited (PSX: THCCL) has approved in principle a green energy plan to reduce dependency on grid electricity and save on costs, the cement producer informed the main bourse on Friday.
“The management is working on the plan of action and is now in the final stages of installing 3.5 MW solar panels at plant premises,” the filing said.
The Company has also entered into an arrangement with M/s Orient Energy Systems FZCO for the installation of a 4.8 MW windmill project at the plant premises. These initiatives will reduce Company’s dependency on grid electricity by 50%, the filing added.
“The contribution of renewal energy in the power mix will significantly increase our commitment towards sustainable environment practices. The Company’s initiatives for investment in renewable energy project will play a vital role in cost savings as well as reduction of country’s reliance on fossil fuels,” the company further said.
It added that a formal agreement will be signed with Orient Energy Systems FZCO in due course.
The Company’s main business activity is the manufacturing and marketing of cement. The Company owns shareholding of Thatta Power (Private) Limited.
At the time of filing, THCCL’s scrip at the bourse was Rs. 38.75, up 7.49 percent or Rs. 2.7 with 907,500 shares on Friday.
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