Torrent Power wins Rs 2,650cr SECI wind energy project to expand 3.3 GW renewable pipeline

What is the latest SECI wind project awarded to Torrent Power?

Torrent Power Limited (NSE: TORNTPOWER) has announced a major milestone in its renewable energy strategy with the award of a 300 MW wind power project by the Solar Energy Corporation of India (SECI). The project was awarded to Torrent Green Energy Private Limited, a wholly owned subsidiary of the electric utility developer, through a competitive bidding process under SECI’s Wind Tranche-XVIII. According to the media release issued on June 12, 2025, the project will be executed at a tariff of ₹3.97 per unit and is slated for commissioning within 24 months from the date of Power Purchase Agreement (PPA) execution. The total investment required is estimated at ₹2,650 crore.

This award significantly increases the renewable energy portfolio under development by Torrent Power, which now stands at 3.3 GWp. The company’s green energy expansion aligns with India’s national goal of achieving 500 GW of non-fossil fuel capacity by 2030.

How does this project fit into Torrent Power’s green energy strategy?

Torrent Power has been strategically prioritizing its transition towards renewable energy assets. With this latest 300 MW wind project, the Indian electric utility developer has demonstrated its continued commitment to expanding clean energy infrastructure. The ISTS-connected project not only benefits from transmission charge waivers but also allows integration into the national grid for wider power distribution flexibility.

As of June 2025, Torrent Power’s renewable energy portfolio under operation and development includes 1,746 MWp of installed renewable capacity and 3,279 MWp of greenfield projects. The company is also actively working on complementary green energy solutions such as pumped hydro storage systems and green hydrogen production, reinforcing its long-term commitment to decarbonized energy systems.

Torrent Power’s growth in renewables supports its ambition to offer dispatchable clean energy while maintaining cost efficiency and grid reliability across its service areas.

What are the technical and financial details of the SECI project?

The awarded wind project falls under SECI’s Wind Tranche-XVIII, which aims to accelerate the deployment of utility-scale wind energy across high-potential wind zones. Torrent Green Energy will execute the 300 MW project with an expected capital outlay of ₹2,650 crore, making it one of Torrent’s largest single renewable investments in recent quarters.

The project tariff has been fixed at ₹3.97/kWh, positioning it within the competitive spectrum of recent wind auction outcomes. The PPA execution timeline of 24 months provides Torrent Power with sufficient runway for EPC finalization, land acquisition, grid connectivity planning, and turbine procurement.

The wind project will benefit from central transmission waivers as part of SECI’s ISTS-based scheme, ensuring efficient power evacuation to demand centers. This structure also allows Torrent to optimize power offtake through long-term supply contracts once the asset is commissioned.

How does this impact Torrent Power’s overall generation mix?

Torrent Power currently operates a diversified generation portfolio totaling 4,838 MWp. This includes 2,730 MW of gas-based capacity, 1,746 MWp of renewable energy assets, and 362 MW of coal-based power. With additional renewables and pump storage projects under development, the utility’s generation pipeline rises to 8,117 MWp, supported by 3,000 MW of planned pump storage capacity.

The addition of 300 MW of wind power under the SECI award represents a 17% increase in Torrent’s renewable development pipeline. The project brings further balance to the company’s green mix, which already features wind-solar hybrids and rooftop deployments in select regions. Over time, Torrent Power’s renewables are expected to contribute a greater share to its overall earnings mix, replacing legacy fossil-based income streams.

The company’s existing distribution network—which includes 4.21 million customers across Gujarat, Maharashtra, Uttar Pradesh, and Union Territories like Dadra and Nagar Haveli—provides a downstream channel to absorb part of its renewable capacity in future open access or group captive models.

How is Torrent Power performing on the stock market?

On June 13, 2025, Torrent Power shares were trading at ₹1,411.60 on the National Stock Exchange, reflecting a 0.91% gain over the previous close of ₹1,398.90. Intraday highs reached ₹1,419.70, while the low stood at ₹1,389.90. The volume-weighted average price (VWAP) was ₹1,408.19, suggesting a modestly bullish sentiment around the stock following the SECI award announcement.

The adjusted price-to-earnings (P/E) ratio stood at 23.05, in line with other Indian midcap power utilities with active renewable expansion. The total market capitalization of Torrent Power exceeds ₹71,000 crore, with a free float market cap of ₹26,792.78 crore. Daily traded volume as of the session was 5.62 lakh shares, with a delivery percentage of 36.97%, indicating reasonable investor interest.

Torrent Power is part of the Nifty Midcap 50 index, where utility players with strong regulatory and infrastructure profiles continue to attract institutional visibility, especially from ESG-focused mutual funds and green bond investors.

What is the institutional and analyst sentiment around this project?

While official analyst commentary is awaited, investor forums and institutional trading data suggest a constructive sentiment around Torrent Power’s increasing renewable exposure. The ₹2,650 crore wind project represents not only a capital deployment opportunity but also enhances Torrent’s long-term earnings visibility through regulated tariffs.

Portfolio managers tracking the Nifty Midcap 50 have flagged Torrent Power’s reliable earnings profile and low AT&C losses in its distribution areas as key differentiators. The Gujarat-based utility’s record of infrastructure execution, regulatory compliance, and renewable integration capability positions it well to capture future capacity awards under SECI, NTPC Renewable Energy, and state-led bids.

Given Torrent’s parallel work on green hydrogen and 3,000 MW of pumped storage hydro, some market participants view the firm as a potential early leader in dispatchable green energy in India’s evolving power landscape. These developments may also support favorable terms for green financing instruments, including ESG-linked corporate bonds or multilateral project financing.

What is the future outlook for Torrent Power’s renewables growth?

Torrent Power is well-positioned to benefit from India’s ongoing energy transition. The central government’s thrust on non-fossil energy capacity, grid modernization, and clean power corridors aligns directly with the utility’s expansion strategy. Analysts expect Torrent to continue bidding aggressively for wind, solar, and hybrid projects under central and state auctions, while also exploring storage-integrated offerings for round-the-clock (RTC) supply contracts.

The addition of this 300 MW SECI project to the developer’s 3.3 GWp under-development green portfolio demonstrates execution strength and ambition. Over the next three years, Torrent Power could potentially commission more than 3 GW of clean power assets, enabling significant EBITDA growth and debt optimization opportunities.

The company’s ability to scale while maintaining operational efficiency, combined with its presence in distribution and EPC capabilities, gives it an integrated edge in India’s competitive utility landscape.