Mumbai, June 19 -- Under the agreement, MSP Steel & Power will procure power from a 10 MWp (DC) contracted solar capacity at a tariff of Rs 3.17 per unit for a period of 25 years from the date of execution of the PPA.

As part of the arrangement, the company will acquire a 26% equity stake in Elevate Solar Energy, corresponding to its contracted energy requirement, subject to the terms and conditions of a shareholders' agreement that will be executed at a later date.

Elevate Solar Energy is developing a solar power project in Chhattisgarh's Baloda Bazar district with an installed capacity of 70 MWp (DC) / 50 MW (AC).

MSP Steel & Power is engaged in manufacturing and trading of sale of iron and steel products, generation of power, manufa...