Olympia Mills Limited, engaged in power generation and textiles, has become the latest company to embrace renewable energy, as it announced plans to set up a 500KW off-grid solar power system at its facility.
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to inform you that the Board of Directors of Olympia Mills Limited has approved, in principle, a green energy initiative aimed at reducing the company’s reliance on grid electricity and achieving cost savings,” read the company.
As per the notice, the company plans to install an off-grid solar power system with an initial capacity of 500KW at its factory premises.
“Depending on future requirements, the capacity may be expanded to 1MW,” it said, adding that the estimated project cost is approximately Rs50 million.
“This investment in renewable energy underscores Olympia Mills Limited’s commitment to sustainable environmental practices and aligns with our long-term vision of promoting eco-friendly operations,” it added.
In Pakistan, there has been a growing shift towards alternative energy sources, especially solar, which has become increasingly popular among residential and commercial sectors.
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.
Last year in April, Gul Ahmed Textile Mills Limited (GATM), one of the country’s largest textile mills, announced that it would install a 17.1MW roof-top solar plant.
Later in August, Lucky Cement, one of Pakistan’s largest cement manufacturers, announced the successful commissioning of its 25MW captive solar power plant in Karachi.
Similarly, DG Khan Cement Company Limited (DGKC), had successfully installed a 7MW on-grid solar power plant at its site in Khairpur.
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