Beco Steel Limited has executed an agreement with a renewable energy solutions provider for the installation of a 2-megawatt (MW) solar power generation system.
The company shared this development through a notice to the Pakistan Stock Exchange (PSX) on Tuesday in accordance with Section 96 and 131 of the Securities Act, 2015 and Regulations 5.6.1 of the PSX regulations.Â
The system will be installed at the company’s plant premises located in Badami Bagh, Lahore. The total capital expenditure for this project is estimated at approximately Rs121 million.
This strategic investment in green energy is projected to generate annual savings of approximately Rs129.65 million on the company’s energy costs. The initiative will not only significantly reduce Beco’s cost of production and enhance operational efficiency but will also contribute positively to environmental sustainability by reducing its carbon footprint.
Beco said that this step is a key component of its long-term strategy to promote sustainable operations and maximize shareholder value.
