Power Cement inks deal with Burj Solar for 9.6 MW wind power project

MG News | May 03, 2024 at 12:59 PM GMT+05:00

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May 03, 2024 (MLN): Power Cement Limited (PSX: POWER) has signed a term sheet with Burj Solar (Private) Limited (Burj Solar) for the development and financing of a 9.6 MW wind power project under a 20-year Build-Own-Operate-Transfer (BOOT) structure at the company's premises.

POWER communicated this development through a notice issued to the local bourse today.

The company further stated that this project is an effort to reduce its reliance on fossil fuels and promote sustainable development.

The project aims to reduce approximately 15,000 metric tons of carbon emissions annually while generating around 30 gigawatt-hours of clean energy every year.

Burj Solar shall develop and finance the project (after the achievement of its financial close).

"A formal agreement shall be signed in due course, outlining the terms and conditions of the project," the notice concludes.

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