Torrent Power announces major investment in Gujarat: A game-changer in renewable energy

Torrent Power Limited, a key player in the integrated power sector and part of the diversified Torrent Group, has marked a significant milestone by signing four non-binding Memorandums of Understanding (MoUs) with the Government of Gujarat. This momentous occasion took place during the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar.

In a strategic partnership with the Gujarat Energy Development Agency (GEDA), Torrent Power has committed to a colossal investment of Rs 47,350 crores (approximately USD 5.7 billion). These investments, planned across various domains including renewable energy, green hydrogen, and power distribution, are poised to play a pivotal role in the development of Gujarat, creating substantial employment opportunities.

Torrent Group Chairman Samir Mehta emphasized the group’s dedication to national development, aligning with national priorities in renewable generation, pump storage hydro projects, green hydrogen/green ammonia production, and power distribution. He expressed pride in Torrent Group’s longstanding association with the Vibrant Gujarat Global Summit and its contribution to the state’s development.

Detailing the MoUs, the investments include 3,450 MWs of Solar Power Projects and 1,045 MWs of Hybrid Power Projects across Banaskantha, Jamnagar, Patan, and Surendranagar, entailing an investment of Rs 30,650 crores. Additionally, Torrent Power plans to invest Rs 4,500 crores in a 7,000-MW Solar Power project in Banaskantha district. The third MoU involves a Rs 7,200 crore investment in a Green Hydrogen / Green Ammonia production facility in Banaskantha/Dahej. Lastly, an investment of Rs 5,000 crores is earmarked for Torrent Power’s distribution business in key Gujarat cities.

This significant move by Torrent Power Limited not only solidifies its position as a major player in the renewable energy sector but also signifies a major leap towards sustainable development in Gujarat. With these investments, Torrent Power is set to usher in a new era of green and sustainable energy in the state, aligning with the national vision for clean and renewable energy sources.

This development is a testament to the company’s commitment to environmental sustainability and its role in shaping a greener future. The long-term benefits of these investments for the state of Gujarat and its people are immense, marking a new chapter in India’s journey towards renewable energy and sustainable development.