Latest news with #EcopackLimited
Business Recorder
24-06-2025
- Business
- Business Recorder
Ecopack approves 2.03MW solar power project
KARACHI: In a major step towards embracing clean energy solutions, Ecopack Limited, a listed company specialising in the manufacturing and sale of Polyethylene Terephthalate (PET) bottles and preforms has announced plans to install a 2.03 megawatt (MW) solar power generation facility at its site. In a notice sent to the Pakistan Stock Exchange (PSX) on Monday, the company formally disclosed that its Board of Directors has approved capital expenditure (CAPEX) for the acquisition of land measuring 3.63 acres, alongside the installation of the solar power project. The initiative underscores Ecopack's commitment to reducing its environmental footprint and cutting operational energy costs through renewable energy integration. 'In accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, the Board has approved the CAPEX for acquisition of land measuring 3.63 acres and the installation of a 2.03 MW solar power generation facility,' read the company's official statement. Ecopack Limited, incorporated in Pakistan as a limited liability company, primarily caters to the beverage and liquid packaging industry and has increasingly prioritized sustainable practices as part of its operational strategy. The development is a part of broader clean energy transition in Pakistan, where the adoption of solar power has gained considerable momentum in recent years. Despite being a developing economy facing significant fiscal and energy challenges, Pakistan has quietly emerged as one of the fastest-growing solar markets globally. According to the Pakistan Economic Survey 2024-25, the country's net-metering capacity surged to 2,813 MW as of March 31, 2025, reflecting the sharp increase in both industrial and residential solar installations. Meanwhile, this rapid adoption has prompted the federal government to revise its policy framework for the solar sector. In the federal budget for 2025-26, Finance Minister Muhammad Aurangzeb proposed an 18 percent sales tax on imported solar panels — a move aimed at supporting local manufacturing. However, following consultations with industry stakeholders, the government revised the General Sales Tax (GST) rate downward to 10 percent. Industry experts believe that initiatives like Ecopack's solar project not only demonstrate corporate responsibility but also signal the maturing of Pakistan's renewable energy sector, as businesses increasingly seek energy security and operational efficiency amid volatile fuel prices and frequent power shortages. Copyright Business Recorder, 2025
Business Recorder
23-06-2025
- Business
- Business Recorder
Pakistan's PET bottle maker to install 2MW solar system
Ecopack Limited has taken a significant step towards sustainable energy consumption, announcing plans to install a 2 megawatt (MW) solar system. The listed company, engaged in the manufacturing and sale of Polyethylene Terephthalate (PET) bottles and preforms for the market of beverages and other liquid packaging industry, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. 'The Board has approved the CAPEX for acquisition of land measuring 3.63 acres and the installation of a 2.03 MW solar power generation facility,' read the notice. Ecopack Limited is a limited liability Company incorporated in Pakistan under the repealed Companies Ordinance, 1984. Days ago, Gharibwal Cement Limited successfully commissioned an additional 12.5MW solar power system at its plant site. Despite being a low-income country plagued by economic and social issues, a green revolution is taking place in Pakistan, and the South Asian country has quietly emerged as one of the world's largest markets for the growing solar industry. According to the Global Electricity Review 2025 by Ember, an energy think tank in the UK, Pakistan imported 17 gigawatts (GW) of solar panels in 2024, joining the ranks of leading solar nations. This rising trend has left decision-makers grappling with its implications for the national grid and energy sector, as electricity consumption remains stagnant. In response, the federal government, in its budget for the financial year 2025-26, on Tuesday revealed its intention to impose an 18% sales tax on imported solar panels. The proposed tax would help the local industry grow, Finance Minister Muhammad Aurangzeb said in his budget speech in the National Assembly. However, the government, after consultation with the stakeholders, decided to lower GST to 10%. The development comes amid a solar boom in the country, with net-metering capacity in Pakistan jumping to 2,813 megawatts (MW) as of March 31, 2025, according to the Pakistan Economic Survey 2024-25.
