Lucky Cement Ltd has informed the Pakistan Stock Exchange (PSX) that the Board of Directors of Lucky cement, in its emergent meeting on 11 June 2022, has authorised the management of the company to undertake a feasibility study for a renewable energy project at its cement plant in Karachi, including wind and solar power.
General Manager Finance and Company Secretary of Lucky Cement, Faisal Mahmood, in a bourse filing, stated that the Lucky Cement was one of the earliest cement companies to install waste heat recovery (WHR) units at both of its plant sites. Currently, the share of WHR in the company’s total power generation is 25 per cent, which is environmentally friendly and results in low-cost energy. Keeping up with its commitment to promoting renewable energy, the company is already installing a 34MW captive solar power project with a 5.589MWh reflex energy storage at its plant site in Pezu, Lakki Marwat.
Subject to the Board’s approval of the feasibility of the renewable energy project in Karachi, the company’s initiatives for investment in renewable energy projects will play a key role in cost-saving and reducing the country’s reliance on imported fuel.