Torrent Power commits investment of Rs 64,000 crore in renewable energy projects
Sep 16, 2024
New Delhi [India], September 16 : Torrent Power Limited, the integrated power utility of Torrent Group on Monday committed an investment of over Rs 64,000 crore in renewable energy projects at 'RE-Invest 2024' in Gandhinagar.
As per the company, the investment will provide potential employment to 26,000 people.
In its filing with the exchanges, the company added that it has submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the 4th Edition of RE-Invest.
As per the first 'Shapath Patra', the company is aiming to achieve 10 gigawatts (GW) of installed renewable energy (RE) capacity by 2030, with an investment of Rs 57,000 crore.
This investment is expected to generate direct and indirect employment for around 25,000 people, as per the filing.
As part of these commitments, Torrent Power has signed a Memorandum of Understanding (MoU) with the Government of Gujarat for the execution of a 5 GW solar, wind or solar-wind hybrid project at Dwarka District in the State of Gujarat.
The second 'Shapath Patra' was submitted for setting up a 1,00,000 Kilo Tonnes Per Annum (KTPA) green ammonia production facility with an investment of Rs 7,200 crore and employment generation for around 1,000 people, according to the filing.
Samir Mehta, Chairman of Torrent Group, said, "As one of India's largest private sector power utilities, Torrent Power stands committed to contributing to the nation's RE journey. By signing two 'Shapath Patras' we have reaffirmed our long-term commitment towards a green and sustainable future. This commitment not only underscores our dedication to advancing green energy solutions but also highlights the fact that our business operations are aligned with national priorities. We thank the Government of India for its futuristic policies and creating an enabling environment to foster growth of the RE sector."
As per the filing, Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The company has already announced that it intends to install about 5 to 8 GW of PSP capacity, entailing an investment of Rs 25,000 to Rs 35,000 crores. Torrent Power has a track record of successfully commissioning and operating large infrastructure projects.
Torrent Power, the Rs 27,183-crores integrated power utility of the Rs 41,000-Crores Torrent Group, is one of the largest companies in the country's power sector with a presence across the entire power value chain - generation, transmission and distribution.
