Lucky Cement Starts 2nd Solar Plant to Save Rs 0.5bn/Year

Lucky Cement’s second solar power plant is up and running. The project is initiated with the objective to reduce the cost of operations while increasing the profit margin in the current challenging economic environment.

A notification sent to the Pakistan Stock Exchange (PSX) by Lucky Cement read, “We are pleased to announce the successful completion and commissioning of our 25MW captive solar power plant located at our manufacturing site in Karachi. (The plant)…has commenced operation as of August 20, 2023.”

The second solar power plant is set up with Rs3 Billion investment and it is expected to help the company save half a million rupees every year.

The notification further read, “Since solar pants have a low specific yield, a 25MW plant will give a net output of around 5MW, which is likely to result in annual savings of Rs480 million for the company.”

With the second solar plant, the company’s self-consumption power generation capacity has increased to 39%. This capacity also includes the 34MW energy produced by the first power plant which was installed in December last year.

Faisal Mehmood, Lucky Cement’s GM Finance and Company Secretary Faisal Mahmood, “The combined capacity of both solar power plants has significantly bolstered our commitment to renewable and clean energy.” He added, “The investment in renewable energy initiative will save costs and also reduce the country’s reliance on imported fuel. We remain committed to pursuing environmentally conscious initiatives in the future.”