Power Cement Limited (PSX: POWER) has signed a term sheet with Burj Solar (Private) Limited (Burj Solar) for the development and financing of a 9.6 MW wind power project at the Company’s premises, the cement producer told the main bourse on Friday.
“This project is an effort to reduce our reliance on fossil fuels and promote sustainable development,” the stock filing stated.
Salient features of the term sheet include the following:
- A 9.6 MW wind power project under a 20-year Build-Own-Operate-Transfer (BOOT) structure.
- Project aims to reduce approximately 15,000 metric tons of carbon emissions annually while generating around 30 gigawatt-hours of clean energy every year.
- Burj Solar shall develop and finance the project (after the achievement of its financial close).
- A formal agreement shall be signed in due course, outlining the terms and conditions of the project.
Power Cement Limited’s principal activity is manufacturing, selling, and marketing of cement.
