September 18, 2023 (MLN): The Board of Directors (BoD) of Lucky Cement Limited (PSX: LUCK) has approved the undertaking of a 28.8 MW captive wind power project at its Karachi plant, the company’s filing on PSX on Monday.
The project is expected to be completed by the end of FY24.
Moreover, the Board has also approved the undertaking of 6.3 MW and 2.5 MW solar power projects at the company's Karachi and Pezu plants, respectively, which are expected to be completed by Q3 of FY24.
These solar power projects are in addition to the 25 MW and 34 MW projects commissioned recently at Karachi and Pezu plants, respectively.
The estimated cost of the above upcoming projects is Rs11 billion.
"Keeping up with our commitment towards sustainable environment practices, the contribution of renewable energy in the power mix will significantly increase after the completion of the above-mentioned projects," the notification reads.
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.
