In its bid to reduce reliance on imported fuel, Lucky Cement, one of Pakistan’s largest cement manufacturers, announced the installation of an additional three renewable projects that would have a generation capacity of 37.6MW.
The company announced the development in its notice to the Pakistan Stock Exchange.
“The Board of Directors (BoD) of the company has approved to undertake a 28.8 MW captive wind power project at its Karachi plant,” read the notice.
The project is expected to be completed by the end of FY 2024, said the company.
“Moreover, the BoD has also approved to undertake solar power projects, of 6.3 MW and 2.5 MW at the company’s Karachi and Pezu plants, respectively, which are expected to be completed by Q3 of FY2024,” it said.
Lucky informed these solar power projects are in addition to the 25 MW and 34 MW solar power projects commissioned recently at the Karachi and Pezu plants, respectively.
The company said that the estimated cost of the upcoming projects is Rs11 billion.
The EPS (earnings per share) of the company, amid savings, is expected to improve by Rs2 and Rs0.46 owing to wind power plant and solar power plant, respectively, said Arif Habib Limited (AHL), a brokerage house, in a note after the notice.
AHL added that Lucky could expectedly save up to Rs1.261 billion on an annual basis.
