Torrent Power shares jumped more than 4% in morning trade after the company secured a 1,500 MW pumped hydro storage project from Maharashtra State Electricity Distribution Co. Limited.
The company emerged as a successful bidder and was awarded a Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) on September 17, 2024, for the procurement of 1,500 MW/12,000 MWh Energy Storage Capacity from the Pumped Hydro Storage Project, according to a company statement.
In the exchange filing, the company also shared, “The Company plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad District, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the Company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL.”
As of 9:22 am, Torrent Power shares were trading 3.09% higher at Rs 1,835.00 on the NSE.
