Zodiac Energy Slips 2% as Company Secures 5 MW Solar Power Purchase Agreement with UGVCL

31 Jan 2024 , 01:08 PM

Zodiac Energy’s stock fell 2% on January 31 following the announcement of a power purchase agreement (PPA) with Uttar Gujarat VIJ Company. The company’s shares were trading at ₹271.70, down ₹5.50, on the BSE.

The PPA, signed on January 28, 2024, involves the procurement of solar power on a long-term basis for the solarization of 11 KV Agricultural Feeders, totaling 5 MW.

These 5 MW PPAs are part of the total allotted capacity of 26.8 MW by UGVCL to Zodiac Energy Limited.

The order is expected to be executed within nine months from the date of the PPA signing. The board of directors is scheduled to meet on February 7 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2023, along with other agenda items.

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