SPEL Limited, formerly Synthetic Products Enterprises Limited, has successfully commissioned a 575KW solar power project, expanding its renewable energy portfolio to 4.1MW.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to announce another milestone in our Environmental, Social, and Governance (ESG) initiative. SPEL has successfully energised a 575KW solar power project, complementing our previously installed 3.55MW of green energy,” read the notice.
“This brings our total solar capacity to meet approximately 24%~29% of our annual electricity requirements through clean, green renewable energy. This achievement underscores our commitment to sustainable practices and our dedication to contributing to a greener, cleaner Pakistan,” the company said.
SPEL is engaged in the manufacturing and sale of plastic auto parts, plastic packaging for the food and FMCG industry and moulds and dies.
There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors.
According to Policy Research Institute for Equitable Development (PRIED), an independent think tank, Pakistan is experiencing unprecedented solarisation of its energy sector, with solar photovoltaic (PV) panels of 33 gigawatts capacity having already been installed across the country.
This rising trend has left decision-makers grappling with its implications for the national grid and energy sector, as electricity consumption remains stagnant.
Nonetheless, several projects have been initiated to exploit this relatively cheaper energy source.
Back in July, J.K. Spinning Mills Limited (JKSM), a Pakistani textile firm, announced plans to install 7MW additional capacity as part of the company’s strategic initiatives.
In March, Tariq Corporation Limited (TCORP), engaged in the manufacturing of sugar and its by-products, announced plans to set up a 200KW solar power system at its facility.
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