Redco Textiles Ltd to install solar panels to cut down electricity expense

MG News | March 10, 2022 at 12:15 PM GMT+05:00

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March 10, 2022 (MLN): Redco Textiles Limited has decided to install on-grid roof-mounted solar panels having a total capacity of 1,999.06 kWp, in order to cut down the impact of increased electricity expense, the company’s filing on bourse showed today.

The project site is Redco's existing manufacturing facility located at 3 KM, Rawat-Kallar Seydan Road, P.O. Sagri, Rawat, District Rawalpindi, which is expected to be completed within 180 days.

Accordingly, the company has signed an agreement with MIs Reon Energy Limited on February 25, 2022, for procurement and construction of solar facilities and for providing engineering services.

For the aforesaid project, the company will incur CAPEX on a deferred payment basis and will make monthly payments for five years, the notice said.

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