Torrent Power wins bid for 306MW solar power project in Maharashtra

Torrent Power Limited has secured a significant project to enhance solar energy infrastructure in Maharashtra, emphasizing the company’s pivotal role in India’s renewable energy sector. On March 7, 2024, Maharashtra State Electricity Distribution Co. Limited (MSEDCL) awarded Torrent Power Limited the contract for a 306 MW grid-connected solar power project. This initiative is spread across 48 distributed locations in Nasik District, Maharashtra, highlighting the state’s commitment to renewable energy expansion and agricultural support.

The project, backed by the Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis, represents a strategic step under the MSKVY 2.0 scheme, orchestrated by MSEB Solar Agro Power Limited (MSAPL). It aims at feeder level solarization as part of the Component C of the PM-KUSUM scheme, ensuring stable daytime electricity for agriculture consumers through decentralized solar projects. With an estimated cost of ₹1,540 Crs and a fixed tariff of Rs. 3.10/kWh for 25 years, the project’s financial and operational details underscore Torrent Power’s expanding renewable portfolio.

Torrent Power’s acquisition of 100% equity shares of the Project SPV, coupled with the Central Finance Assistance (CFA) from the Central Government, aligns with its sustainable generation goals. The project, set to be commissioned within 18 months from the Letter of Award, marks a significant milestone towards achieving a 3 GW renewable capacity in the next 18-24 months. This initiative not only enhances Torrent’s renewable capacity under construction to 1.7 GW but also consolidates its position in the green energy sector, exploring other avenues like Pumped Storage Hydro and Green Hydrogen.

This development is a testament to the collaborative efforts between state entities and private corporations in driving renewable energy initiatives. It aligns with the Government of Maharashtra’s cluster-wise approach for the development of the MSKVY 2.0 scheme, which has already facilitated the acquisition of revenue land and certain approvals by MSAPL directly into the project SPVs.