THCCL plans to reduce 50% of grid dependancy via renewables

In a notification sent to PSX on 17/05/2024, Thatta Cement Company Limited (THCCL) has announced to cut grid dependency by 50% with renewable energy projects.

The Board of Directors of Thatta Cement Company Limited approved in principle a green energy plan in order to reduce dependency on grid electricity and savings on costs. The management is working on the plan of action and is now in the final stages of installing 3.5 MW solar panels at lant premises. Furthermore, the Company of late has also entered into an arrangement with M/s Orient Energy Systems FZCO for installation of 4.8 MW windmill project at the plant premises. These initiatives will reduce Company’s dependency on grid electricity by 50%. The contribution of renewal energy in the power mix will significantly increase our commitment towards sustainable environment practices. The Company’s initiatives for investment in renewable energy project will play a vital role in cost savings as well as reduction of country’s reliance on fossil fuels. A formal agreement will be Signed with Orient Energy Systems FZCO in due course, outlining the terms and conditions of the project.

THCCL shares were last trading at Rs. 36.05 today.