Pakistan’s sugar maker to install 200KW solar power plant
- As per ECC, total installed solar capacity grew from 321MW in 2021 to 4,124MW by December 2024
Tariq Corporation Limited (TCORP), engaged in the manufacturing of sugar and its by-products, has become the latest company to adopt renewable energy, as it announced plans to set up a 200KW solar power system at its facility.
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to inform you that Tariq Corporation Limited (TCORP) has decided to install a 200 KW solar power system, reinforcing its commitment to improve sustainability and operational efficiency.
“It is expected to significantly reduce TCORP’s annual electricity costs and lower our carbon footprint,” it added.
There has been a growing shift towards alternative energy sources in Pakistan, 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 month, Olympia Mills Limited announced plans to set up a 500KW off-grid solar power system at its facility.
Meanwhile, in a key development on the renewable front, Prime Minister Shehbaz Sharif on Sunday said that the government’s policy on solar energy remained unchanged and promotion of renewable energy was “a top priority”.
“There is no change in government’s policy on solar energy and promotion of renewable energy remains a priority,” a statement from the Prime Minister’s Office (PMO) read.
The statement came days after the Economic Coordination Committee (ECC) reduced the buyback rate for net metering electricity to Rs10 per unit from previously Rs27 per unit, attributing the decision to a “significant increase in the number of solar net-metering consumers, with associated financial implications for grid consumers”.
As per figures presented to the ECC, the total installed solar capacity grew from 321MW in 2021 to 4,124MW by December 2024.
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