Torrent Power Subsidiary TU14 to Develop Solar Projects for ARS Steels

Torrent Power's subsidiary, Torrent Urja 14 (TU14), will develop up to 50 MW solar projects to provide clean energy to ARS Steels & Alloy International. As per a newly signed Subscription and Shareholders' Agreement, ARS will also hold equity in TU14 while ensuring 26% ownership during the agreement's term.

Torrent Power's subsidiary, Torrent Urja 14 (TU14), is set to establish solar projects with a capacity of up to 50 MW to supply clean energy to ARS Steels & Alloy International (ARS), according to a statement made in a BSE filing on Monday.

The Subscription and Shareholders' Agreement (SSSA), signed on Monday, ensures that ARS will have an equity stake in TU14, an extension of Torrent Power. This agreement stipulates the development of up to 50 MWp solar power projects in Tamil Nadu, through open access from TU14 to ARS's production units.

Significant conditions of the SSSA include ARS maintaining at least 26% of the equity shares in TU14 during the duration of the power supply and offtake agreement. Torrent Power is active in power generation, transmission, and distribution, as well as the manufacturing and supply of power cables.

(With inputs from agencies.)