Torrent Power share price jumped over 8% in trade on Monday to hit a fresh record high of Rs 1,249.9 after the company was awarded the Letter of Award (LoA) for the supply of 306 MW solar power from Maha State Electricity Distribution Co. The LoA was obtained for feeder-level solarization as part of the PM KUSUM Scheme. The project is expected to be commissioned within 18 months, with an estimated cost of Rs. 1,540 crores.
Under the terms of the agreement, Torrent Power will provide solar power at a tariff of Rs. 3.10/kWh for a duration of 25 years. The power will be procured by Maha State Electricity Distribution Co. through a Power Purchase Agreement (PPA) spanning 25 years.
Torrent Power has expressed its commitment to renewable energy, noting that its renewable capacity under construction has risen to 1.7 GW. Furthermore, the company anticipates that its renewable capacity will reach 3 GW within the next 18-24 months, demonstrating its ongoing expansion in the renewable energy sector.
As of 10:00 AM, Torrent Power share price was at Rs 1,233, up 7.7% on the NSE.
