KARACHI: Agha Steel Industries has signed a contract with Renewable Power Pvt. Ltd. for installing a 2.25 Megawatt solar power project at its production facility located at Port Qasim Karachi, a statement said on Wednesday.
Meezan Bank Ltd is the banking partner for this transaction. This would be among one of the largest solar power projects installed by a steel manufacturer in Pakistan.
According to a statement this project will initiate a Green Steel Revolution at Agha Steel Industries by helping in sustainability of its energy mix and at the same time reducing the burden on national grid. The 2.25 Megawatt solar power project would also reduce the carbon emission by 46,000 tons in a lifespan of 20 years.
This solar power plant, being installed on the self-consumption basis, will produce around 3.3 million units of clean and renewable electricity every year, which will result in a significant drop in the carbon footprint of Agha Steel Industries. The company is currently undergoing an expansion to increase its rebar capacity to 650,000 from current 250,000 tons per.