Karachi May 17 2024: The Board of Directors of Thatta Cement Company Limited has given initial approval to a green energy plan aimed at reducing reliance on grid electricity and cutting costs.
Share price of the company surge by PKR 2.7 or 7.5 percent after the announcement at Pakistan Stock Exchange.
The management is finalizing the implementation strategy and is nearing the completion of installing 3.5 MW solar panels at the plant premises. Additionally, the company has recently partnered with M/s Orient Energy Systems FZCO to install a 4.8 MW windmill project at the plant site. These initiatives will reduce the company’s dependency on grid electricity by 50%.
The increased contribution of renewable energy to the power mix underscores the company’s commitment to sustainable environmental practices. Investing in renewable energy projects will significantly contribute to cost savings and reduce the country’s reliance on fossil fuels. A formal agreement detailing the terms and conditions of the project with Orient Energy Systems FZCO will be signed in due course.
Thatta Cement Company Limited was incorporated in Pakistan in 1980 as a public limited Company. The Company’s main business activity is manufacturing and marketing of cement. The Company owns shareholding of Thatta Power (Private) Limited.
