Karachi: Lucky Cement has started electricity supply of 20 MW per hour to Hyderabad Electricity Supply Company Limited (Hesco), a company official said on Monday.
The company is likely to commence sell of same volume of electricity to Peshawar Electricity Supply Company Limited (Pesco) by mid of July, the company spokesman said, adding the talks are underway on the sale and purchase agreement at present, which will finally sealed the deal between the power generating and its dispatching company.
Lucky Cement’s power generation units are set up Karachi and Pezu, KPK having capacity of producing around 175MW electricity, which is excessive for its utility and all commercial operations.
Since 2010 both plants installed are contributing additional 22MW electricity converted out of wasted heat it captures and reuses to produce energy.
The addition of electricity to national grid may help the two electricity distributing company to minimize power load-shedding for their domestic and commercial customers.
On the other hand, the sell of electricity will bode well to the balance sheet of cement producer as it explored a profitable earning source without major investment.
The cement producer is working aggressively to tap emerging opportunities in the power sector particularly in wind power project. It plans to set up 50MW wind farm in Jhimpir, Thatta.
Accordingly, it will buy a 13.8% equity stake in its sister concern, Yunus Energy Limited for $4 million and the rest of the equity will rise through banks.
Lucky Cement is not only working to expand its business in domestic markets but it planned to set up its production units in different countries.
The company planned to set up a cement grinding facility in Iraq in a joint venture with a local partner.
The plant with production capacity of 870,000 tons will cost $30 million of which 50% will be paid by Lucky Cement. The company is working to establish a one million ton manufacturing plant in Congo under a joint venture project.
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