Agha Steel Industries has signed a contract with Renewable Power Pvt Ltd for installation of a 2.25-megawatt solar power plant at Port Qasim, Karachi.
Meezan Bank has been nominated as the lead Islamic banking arranger for the project, which would be among the biggest solar power plants 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 2.25MW project would also reduce the carbon emission by 46,000 tonnes in a lifespan of 20 years.
“This solar power plant, being installed on 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 statement read. “The company is currently undergoing an expansion to increase its rebar capacity to 650,000 from current 250,000 tonnes per year.”
Speaking on the occasion, Agha Steel CEO Hussain Agha said, “In line with our Sustainable Development Goals (SDG), it is our vision to become Pakistan’s first green steel manufacturer with zero reliance on fossil fuels by 2025. As a micro mill utilizing scrap-based Electric Arc Furnace (EAF) technology, we are helping to preserve our natural resources. By using recycled scrap for our raw material, we reduce the need for natural resources. Our CO2 Scope 1 green-house gas emissions and energy consumption intensities are approximately 7 times less than the global steel making average.”
