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Torrent Power to Supply 8.5 MWp Solar Power to Lakshmi Mills

Torrent Power has entered into a Share Subscription and Shareholders’ Agreement with Lakshmi Mills and Torrent Urja 17 to supply 8.5 MWp of solar power through open access from TU17's project to TLMCL's production units.

October 09, 2024. By Mrinmoy Dey

Torrent Power Ltd. has recently announced that it has entered into a Share Subscription and Shareholders’ Agreement (SSSA) with The Lakshmi Mills Company Ltd. (TLMCL) and Torrent Urja 17 Pvt. Ltd. (TU17).

The purpose of this agreement is to supply 8.5 MWp Solar Power through open access from the Project of TU17 to the production units of TLMCL, informed Torrent Power in a regulatory filing.

Significant terms of SSSA, interalia, includes that TLMCL shall at all times during the subsistence of the Power Supply and Offtake Agreement hold not less than 26 percent of the aggregate Equity Shares of TU17.

TU17, is a wholly-owned subsidiary of Torrent Power. It was incorporated to undertake the business of generation, transmission, distribution, purchase, procurement, sale, trading, and import and export of all forms of power, including non-conventional and renewable energy.

The transaction was conducted on an arm’s length basis, with both parties receiving the company's equity shares at a face value of INR 10 each. Torrent Power will be allotted ordinary equity shares, while Lakshmi Mills will receive Class A equity shares.

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Share Subscription and Shareholders Agreement

Open Access Solar project

Open Access Solar PPA