New Delhi : Tata Power said it has terminated an agreement with Nagpur-based Ideal Energy Projects to acquire a 270 MW coal-based power project in Maharashtra due to non-fulfilment of certain conditions. In a regulatory filing, the company announced “termination of a share purchase agreement (SPA) with Ideal Energy Projects Ltd for acquisition of 100 per cent stake in a 270 MW coal based thermal power project in Maharashtra, extendable to 540 MW”. The two firms had in December 2014 reached an agreement on the project.
Ideal Energy owns a 540 MW thermal power plant near Nagpur, of which 270 MW was commissioned in May 2013. Tata Power has an installed gross generation capacity of 8,699 MW. It has set a target of generating 18,000 MW by 2022.