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Supernet to install solar solutions, saving commercial electricity cost of 100 sites

Supernet Limited reports lower earnings despite higher sales in FY23
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June 06, 2023 (MLN): Supernet Limited (PSX: GEMSPNL) has signed a long-term agreement with the largest global humanitarian organization to upgrade/convert 100 sites of the largest social support program across Pakistan to solar energy, the company's filing on PSX showed today.

The project titled 'Solar Solutions' is jointly signed between Supernet & Global Organization, initially in the first phase Global Organization will award work-order for 68 sites.

The total cost of the project is $1 Million, which will benefit Pakistan's largest Support Program, generating more economic benefits measured in optimization of energy conservation and saving commercial electricity cost of 100 sites, in the areas of Baluchistan.

On top of the installation, Supernet has been awarded operations and maintenance contract for the whole project, for initial 2 years, extendable up to 5 years.

Going by the filing, the company estimate that the project will be able to generate 1,200 MW of solar power per annum saving direct electricity cost of approximately Rs50m each year for the Government of Pakistan.

The project will achieve a return over investment within 3 to 4 years of installation, additionally providing free electricity on a nominal operation and maintenance charges for the next 20+ years.

In view of the foregoing, Supernet will continue to work and explore other potential areas of collaboration and build on the business relationship.

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Posted on: 2023-06-06T11:46:27+05:00