Torrent Power Commits Rs 64,000-Crore Outlay For Green Projects; Shares Rise
The company submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the fourth edition of RE-Invest.
Torrent Power Ltd. will make a total investment of Rs 64,000 crore in multiple projects in a bid to reaffirm its commitment towards sustainability.
The company submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the fourth edition of RE-Invest at Gandhinagar, it said in an exchange filing on Monday.
The power utility company will achieve 10 gigawatt of installed renewable energy capacity by 2030, with an investment of Rs 57,000 crore. The firm will also set up 1,00,000 KTPA green ammonia production facility with an investment of Rs 7,200 crore.
The Torrent Group company also signed a Memorandum of Understanding with the Government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project.
Torrent Power is actively pursuing opportunities to develop green hydrogen and green ammonia production projects to cater to the export and domestic markets, it said in the statement. These investments are expected to generate direct and indirect employment for around 25,000 people, it said.
Torrent Power has identified Pumped Storage Project sites in multiple states. The company has already announced that it intends to install about five to eight GW of PSP capacity entailing investment of Rs 25,000 crore to Rs 35,000 crore.
"As one of India's largest private sector power utilities, Torrent Power stands committed to contributing to the nation's RE journey," said Samir Mehta, chairman of Torrent Group. "This commitment not only underscores our dedication to advancing green energy solutions but also highlights the fact that our business operations are aligned with national priorities."
Torrent Power's stock rose as much as 1.93% during the day before paring gains to trade 0.72% higher at Rs 1,775.7 apiece, compared to a 0.01% rise in the benchmark Nifty 50 as of 11:47 a.m.
