Torrent Power Bags 1,500-MW Pumped Hydro Storage Project In Maharashtra

Torrent Power Ltd. on Tuesday announced that it has received a letter of intent from the Maharashtra State Electricity Distribution Co. for procurement of 1,500 megawatts from a pumped hydro storage project. The company received a letter of intent from MSEDCL.

The detailed letter of award will be issued upon obtaining necessary approval from the Maharashtra Electricity Regulatory Commission in terms of the tender document on the quoted tariff, according to an exchange filing.

MSEDCL will procure energy storage capacity from the project for a period of 40 years.

The company plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad. A contracted capacity of 1,500 MW, capable of scheduled discharge of eight hours with a maximum continuous five hours per day, will be available. The input energy for charging will be provided by MSEDCL.

A PHS system stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. It is used for load balancing.

The Torrent Group firm supplies power to Bhiwandi, Shil, Mumbra and Kalwa areas in Maharashtra.

Torrent Power has identified PSP sites in multiple states and plans to install about 5–8 gigawatt capacity at an investment of Rs 25,000–35,000 crore.

The company submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the fourth edition of RE-Invest at Gandhinagar on Monday, pledging a total investment of Rs 64,000 crore in multiple projects.

The power utility company will achieve 10 GW of installed renewable energy capacity by 2030, with an investment of Rs 57,000 crore.

The firm will also set up a 1,00,000 KTPA green ammonia production facility with a Rs 7,200 crore investment.

Shares of Torrent Power closed flat at Rs 1,779.95 apiece on the BSE ahead of the announcement, compared to a 0.11% gain in the Sensex.