Torrent Power shares surge 8% on bagging 150 MW Wind-Solar Hybrid Project

Torrent Power’s shares surged nearly 8% on Monday, 1st April after the company received a letter of award from its Distribution Unit for setting up a 150 MW wind-solar hybrid renewable energy project.

The project, valued at ₹1,825 crore, will supply power at a tariff of ₹3.65 per kWh, as stated in a BSE filing. According to the filing, “…the company has received a Letter of Award from Torrent Power Limited-Distribution Unit for setting up of 150 MW (RE Power) Grid-Connected Wind Solar Hybrid Projects under Greenshoe option.”

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The project is expected to be commissioned within 24 months from the signing of the Power Purchase Agreement (PPA).

The contract for the supply of power will span 25 years from the project’s commissioning date. Additionally, the annual Capacity Utilization Factor (CUF) will not be less than 50 percent for any year during the PPA term, and the rated power capacity of wind and solar components will be in a 2:1 ratio.

To meet the 50 percent CUF requirement, Torrent Power plans to install 245 MW of combined wind and solar capacity against the contracted capacity of 150 MW.

As of 10:08 am, Torrent Power’s shares were trading 7.16% higher at ₹1,455.20 on the National Stock Exchange (NSE).