To source renewable power for its captive requirement
Arvind has entered into a Share Subscription and Shareholders' Agreement with Torrent Green Energy (Sponsor) and its subsidiary, Torrent Urja 28 (TUPL).
As part of this agreement, Arvind along with other User Members will subscribe Equity Shares of Rs.10/- each in TUPL, representing minimum 26% of its total equity share capital, thereby meeting the regulatory requirement of captive user under applicable electricity laws. The Company will invest 15.96% of equity share capital of TUPL towards its proportionate share in the capacity.
The investment will support the development of 20 MW hybrid (wind-solar) power project for Arvind's captive requirement.
Arvind signed a 25-year Power Purchase Agreement (PPA) with a Take-or-Pay arrangement for the supply of renewable energy. Post commissioning, this project will enable Arvind to source approximately 60% of its total electricity requirements from renewable sources.
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