Supreme Industries announced that it has signed power delivery agreement (PDA) and security subscription and shareholder agreement (SSSHA) with the special purpose vehicle (SPV) formed by O2 Energy SG.
In a regulatory filing, the company said, The company has entered and signed the power delivery agreement (PDA) and security subscription and shareholder agreement (SSSHA) for 33.75 megawatt peak (Mwp) (25 Mw) solar power under captive mode with O2 Renewable Energy XIV, a special purpose vehicle formed by O2 Energy SG.
The plastic products maker would invest about Rs 12.49 crore and will be holding 26% Equity shares in the O2 Renewable Energy XIV.
The solar power project will be generating approximately 57.86 million units per annum (ex-bus bar). The project is located at Motala, Buldhana in Maharashtra.
The said project will supply solar power to the company's 6 units located at Gadegaon, Jalgaon-I, Jalgaon-II, Khopoli, Talegaon and Urse, all located in Maharashtra, it added.
The commercial operational date (COD) of the project will be on or before 1 June 2024, subject to regulatory approvals.
Also Read
Supreme Industries is engaged mainly in production of plastic products and operate in various product categories like Plastic piping system, cross laminated films & products, protective packaging products, industrial molded components, molded furniture, storage & material handling products, performance packaging films and composite LPG cylinders.
The companys consolidated net profit jumped 22% to Rs 256.17 crore on 6% increase in net sales to Rs 2,449.10 crore in Q3 FY24 over Q3 FY23.
The scrip shed 1.05% to Rs 4,012.75 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content