Tata Power share price traded flat in early trade on October 23 after the company's subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power delivery agreement (PDA) with Supreme Petrochem for a 12.5 MW group captive project through a Special Purpose Vehicle (SPA) - TP Saturn Limited.
At 09:18 hrs, the share was quoting at Rs 247.75, up Rs 0.50, or 0.20 percent, and Supreme Petrochem was quoting at Rs 576.75, up Rs 5.30, or 0.93 percent on the BSE. The plant is located in Achegaon, Maharashtra, and will generate around 27.5 million units (MUs) of renewable power annually.
Supreme Petrochem Limited is the market leader in polystyrene and expandable polystyrene in India, and is currently putting up an ABS plant (70 KTA) with a continuous mass process, a low-carbon footprint technology.
The plant is expected to reduce carbon emissions by 20,075 metric tonnes per annum and is expected to be operational within eight months of the PDA signing, company said.
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A meeting of the board of directors of the company will be held on November 8, 2023 to consider the standalone audited financial results and unaudited consolidated financial results of the company for the quarter and half year ended September 30, 2023.
On October 19, Tata Steel said it will acquire a 26-percent stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd (TPREL), and it will also source 379 megawatts (MW) of clean energy from TPREL.
On October 16, TPREL signed a PDA with Endurance Technologies through a SPV, TP Green Nature Limited, for the development of a 12.5-MW AC captive solar plant.
The plant will be set up at Aachegaon in Maharashtra to generate 27.5 million units (MUs) of electricity every year. The project is expected to be completed within 12 months of the signing of the PDA.
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