According to a notification sent by the company to the Pakistan Stock Exchange (PSX) on Wednesday, it has signed a contract with Renewable Power Private Limited for installation of the 2.25MW solar power project at its production facility located at Port Qasim, Karachi.

“Meezan Bank has been nominated as the lead Islamic banking arranger for the project,” it said. “This would be one of the largest solar power projects installed by a steel manufacturer in Pakistan.”

The company’s announcement came amid shortage of gas across the country. Gas is a major raw material used by the export and non-export-oriented industrial units in Pakistan to generate their own electricity.

The government had permitted a handful of industries to generate electricity when the country was facing prolonged power outages.

According to the statement, the solar power project will initiate a green steel revolution by helping steer sustainability of the company’s energy mix as well as by reducing the burden on national grid.

The 2.25MW solar power project will also help to reduce carbon emissions by 46,000 tons during its lifespan of 20 years.Re

The project, being installed on a self-consumption basis, will produce around 3.3 million units of clean and renewable electricity every year, resulting in a significant drop in the carbon footprint of the steel manufacturer.