Torrent Power to invest Rs 47,350cr in renewable energy projects in Gujarat
Torrent Power Limited, a prominent player in the Indian power sector, has taken a significant step towards sustainable energy development. Today, the company entered into a Memorandum of Understanding (MoU) with the Department of Energy & Petrochemicals, Government of Gujarat. This MoU, valued at Rs. 47,350 crores, is part of the Investment Promotion Activity for the Vibrant Gujarat Global Summit 2024. The agreement includes the establishment of large-scale renewable energy projects, including 3,450 MW of solar power projects, 1,045 MW of hybrid power projects, and the necessary infrastructure for a 7,000 MW solar project. Additionally, the MoU covers the establishment of a Green Hydrogen / Green Ammonia Production Facility and capital expenditure for the distribution network.
Torrent Power’s Rs. 47,350 Cr Investment in Renewable Energy Marks a Milestone for Gujarat’s Energy Sector
Expansion of Torrent Power’s Renewable Energy Portfolio
– Renewable Energy Project Details: Torrent Power’s commitment under this MoU is a major stride in its renewable energy portfolio. The company plans to significantly boost solar and hybrid power capacities, contributing to the overall growth of renewable energy in Gujarat.
– Infrastructure Development: Alongside power generation projects, the MoU also encompasses the development of infrastructure for a large-scale solar project and the establishment of facilities for Green Hydrogen and Green Ammonia production, indicating a move towards diverse renewable energy sources.
Torrent Power’s Position in the Indian Power Sector
Torrent Power, part of the Rs. 21,500 crore Torrent Group, is a leading brand in the Indian power sector. The company has a substantial customer base, distributing power to over 3.8 million customers annually across its distribution areas. These areas include key locations in Gujarat, Maharashtra, Uttar Pradesh, and the Union Territory of Dadra & Nagar Haveli, Daman and Diu. Notably, the Transmission & Distribution (T&D) loss in Torrent Power’s license areas is among the lowest in the country, reflecting the company’s efficiency and effectiveness in power distribution.