Yousaf Weaving Mills Limited (YOUW) has awarded a contract to Prism Energy (Private) Limited for the installation of a solar system to provide 2MW electricity, a bourse filing said on Thursday.
The system will provide electricity for a period of 15 years at a rate of Rs9.90/kWh, which will be raised by 3 per cent per annum, it added.
Under the contract agreement, Prism Energy will make all the investment in this project.
The installation work has been commenced and it is expected that the project will be completed by the second week of the current month,” the filing stated.
“After the successful installation of the solar system, the company could be able to reduce its energy cost substantially, ultimately this will have a positive impact on the operating profitability of the company in the upcoming periods,” it added.
The company is also in the negotiation process with Prism Energy for the installation of an additional 2MW project.
Prism Energy is a joint venture of Albario Engineering and Infraco Asia, created to provide turnkey renewable energy solutions including Energy Purchase Agreements, EPC and specially tailored payment solutions.
With solar, wind and hydro expertise in the renewable energy sector, the group provides multiple turnkey solutions to cater to customer needs.
YOUW was incorporated on January 17, 1988 as a public limited company in Pakistan under the Companies Ordinance, 1984. The company is engaged in the business of textile weaving, spinning and sale of processed fabric, home textile and dairy products.