in

Agha Steel to Install 2.25 Megawatt Solar Power Project

Agha Steel Industries, which is a leading steel rebar manufacturing company, has signed a contract with Renewable Power Pvt. Ltd. to install a 2.25-megawatt solar power project at its production facility at Port Qasim, Karachi.

The project has Meezan Bank Ltd as the banking partner, and will be one of the largest solar power projects installed by a steel manufacturer in Pakistan,

The project will reportedly initiate a Green Steel Revolution at Agha Steel Industries by aiding the sustainability of its energy mix while simultaneously reducing the burden on the national grid.


ALSO READ

Govt Signs MoU for the Development of Gwadar Shipyard


The CEO of Agha Steel Industries, Hussain Agha declared, “We are proud to partner with Renewable Power for this project which will initiate a Green Steel Revolution at Agha Steel and create a long-term value for the company, society, and environment”.

Meezan Bank Ltd Deputy Chief Executive Officer Ariful Islam has appreciated this green initiative.

The solar power plant, while installed on a self-consumption basis, will reduce carbon emissions by 46,000 tons over its lifespan of 20 years, and will produce around 3.3 million units of clean and renewable electricity every year, which will significantly minimize Agha Steel Industries’ carbon footprint.

The company is currently being expanded to increase its rebar capacity from the current 250,000 tons per year to 650,000 tons.

Electricity is a major component in steel production and Agha Steel Industries has decided to lessen its production cost via the production of solar power. It has been estimated that the installation of MiDa technology in September 2021 will significantly reduce Agha Steel Industries’ electricity consumption by 20 percent and its production losses in terms of raw material by eight percent.


ALSO READ

Cement Sales Grew by 16.28% in January 2021


Hussain Agha said, “In line with our Sustainable Development Goals (SDG), it is our vision to become Pakistan’s first green steel manufacturer with zero reliance on fossil fuels by 2025. As a micro mill utilizing scrap-based Electric Arc Furnace (EAF) technology, we are helping to preserve our natural resources”.

He added, “By using recycled scrap for our raw material, we reduce the need for natural resources. Our CO2 Scope 1 greenhouse gas emissions and energy consumption intensities are approximately seven times less than the global steel making average”.

This solar power project also supports Pakistan’s goal to become a low-carbon and renewable energy-reliant economy by 2030 and contributes to the national target of reducing greenhouse gas emissions to combat climate change.

Source from :

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    Chinese Investment Hurting Key Local Industries and Local Businessmen

    Xbox Series X Will Be in Short Supply Until June: Microsoft