KARACHI: According to a bourse filing on Thursday, Yousaf Weaving Mills Limited (YOUW) has granted a contract to Prism Energy (Private) Limited for the construction of a solar system capable of generating 2MW of power.
It stated that the system will deliver power for 15 years at a rate of Rs9.90/kWh, which will be increased by 3% every year. Prism Energy will make the whole investment in this project under the terms of the contract.
“The installation work has been commenced and it is expected that the project will be completed by the second week of the current month,” the filing stated.
“After the successful installation of the solar system, the company could be able to reduce its energy cost substantially, ultimately this will have a positive impact on the operating profitability of the company in the upcoming periods,” it added.
The company is also in the negotiation process with Prism Energy for the installation of an additional 2MW project.
Prism Energy is a joint venture of Albario Engineering and Infraco Asia, created to provide turnkey renewable energy solutions including Energy Purchase Agreements, EPC and specially tailored payment solutions.
With solar, wind and hydro expertise in the renewable energy sector, the group provides multiple turnkey solutions to cater to customer needs.
YOUW was incorporated on January 17, 1988 as a public limited company in Pakistan under the Companies Ordinance, 1984. The company is engaged in the business of textile weaving, spinning and sale of processed fabric, home textile and dairy products.