LAHORE: Mughal Energy Limited, a subsidiary of Mughal Iron & Steel Industries Limited, has approved the installation of a 25-megawatt (MW) solar power plant to offset auxiliary electricity consumption at its existing power generation facility.
Thank you for reading this post, don't forget to subscribe!According to a notice submitted to the Pakistan Stock Exchange (PSX), the company’s Board of Directors approved the project during a meeting held on Wednesday.
The proposed solar project will be financed through a combination of debt and equity, including contributions from the company’s sponsors and directors.
The company said the final financing structure, including the debt-to-equity ratio, would be determined in accordance with financing arrangements, project requirements and commercial feasibility.
However, Mughal Energy has not disclosed the estimated cost of the project or its expected completion timeline.
The development follows the company’s commissioning of the main 31.50MW turbine of its captive hybrid power plant project in August this year.
The proposed solar installation is expected to help reduce auxiliary power consumption at the existing generation facility and improve the company’s energy efficiency through the integration of renewable energy.
Mughal Energy Limited is a subsidiary of Mughal Iron & Steel Industries Limited, which was incorporated in Pakistan as a public limited company on February 16, 2010.
Mughal Iron & Steel Industries is primarily engaged in the manufacturing and sale of mild steel products within the ferrous segment, alongside operations in the non-ferrous business segment.
