Torrent Power’s subsidiary Torrent Urja 14 (TU14) will set up solar projects of up to 50 MW to supply clean power to ARS Steels & Alloy International (ARS).

As per the Subscription and Shareholders’ Agreement (SSSA) signed, ARS will also have an equity stake in the TU14.

The SSSA has been signed by Torrent Power, ARS and TU14 for the supply of power from by development of up to 50 MWp solar power generating projects in Tamil Nadu through open access from the project of TU14 to the production units of ARS,” the filing said.

In an exchange filing, the company said, “We would like to inform you that the Share Subscription and Shareholders’ Agreement (SSSA) has been signed amongst Torrent Power Limited (the Company), ARS Steels & Alloy International Private Limited (ARS) and Torrent Urja 14 Private Limited (TU14) today i.e. July 08, 2024.”

Under the deal terms, Torrent Power will be responsible for the supply of power from renewable energy sources by development and setting upto 50 MWp Solar Power Generating Projects in Tamil Nadu through open access from the Project of TU14 to the production units of ARS.