Shapoorji Pallonji and Company’s seawater desalination arms have signed an agreement with Torrent Power to raise minimum 26% stake in 150 MW of solar projects to be developed by Torrent Power arm Torrent Urja 8 (TU8). With this stake sale, the PV projects qualify as captive units for consumption by Shapoorji Pallonji and Company’s seawater desalination arms.
Torrent Power, through its arm TU8, will develop the PV projects in Gujarat for supply of power under open access to the production units of the four desalination plants set up though Shapoorji Pallonji’s group companies Dwarka Sea Water Desalination, Kutch Sea Water Desalination, Gir Somnath Desalination, and Bhavnagar Desalination.
Under the agreement signed with Torrent Power and its arm TU8, desalination plants shall at all times during the subsistence of the power supply and offtake agreement hold not less than 26% of the aggregate equity shares of TU8.
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