New Delhi: Torrent Power subsidiary Torrent Energy 14 (TU14) will set up solar projects of up to 50 MW to supply clean power to ARS Steels & Alloys International (ARS), it said in a BSE filing on Monday.
According to the Membership and Shareholder Agreement (SSSA) signed on Monday, ARS will also have an equity stake in TU14 – an arm of Torrent Power.
The SSSA has been signed by Torrent Power, ARS and TU14 for development of solar power generation projects up to 50 MW in Tamil Nadu for supply of power from TU14's project through open access to ARS' generating units.'' said. .
“Important terms of the SSSA include that ARS will hold at least 26 per cent of the total equity shares of TU14 at all times during the existence of the power supply and offtake agreement,” Torrent Power said.
Torrent Power is in electricity generation, transmission and distribution. The company is also engaged in manufacturing and supplying power cables.
According to the Membership and Shareholder Agreement (SSSA) signed on Monday, ARS will also have an equity stake in TU14 – an arm of Torrent Power.
The SSSA has been signed by Torrent Power, ARS and TU14 for development of solar power generation projects up to 50 MW in Tamil Nadu for supply of power from TU14's project through open access to ARS' generating units.'' said. .
“Important terms of the SSSA include that ARS will hold at least 26 per cent of the total equity shares of TU14 at all times during the existence of the power supply and offtake agreement,” Torrent Power said.
Torrent Power is in electricity generation, transmission and distribution. The company is also engaged in manufacturing and supplying power cables.
