Torrent Power Limited had a good start today, when its shares increased as much as nearly 7% at the opening trade on March 18. The company has won a letter of award for setting up 300 MW wind solar hybrid projects. Torrent Power’s shares were trading at INR 1,226.60 on NSE at 9:42 am as investors are confident about the future growth of the company.
The 25 year-spam project valued at Rs 3,650 crore will have a tariff of Rs 3.65/kWh. It is vital to note that Torrent Power’s distribution unit has won such a large project, indicating the company’s varied profile and its vast experience with renewable energy . The company is expected to install the project within 24 months of signing the power purchase agreement as they are committed to timely implementation.
Insisting on superior quality and efficiency, it also specified a minimum of 50% annual capacity utilisation for the entire duration of the contract. To achieve this capacity utilisation goal, Torrent Power plans to install 480 MW of wind and solar power, approximately 180 MW in excess of its contracted quota of 300 MW.
The letter of award (LoA) for the 306 MW solar power project was bestowed by the Maharashtra State Electricity Distribution Company (MSEDCL) under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarization under the PM KUSUM Scheme. Torrent Power’s successful bid further solidifies its position as a key player in India’s renewable energy landscape.
