Torrent Power commits Rs 64,000-cr investment for green projects

The company has also submitted 'Shapath Patra' for installing 10 GW of Renewable Energy (RE) projects by 2030, with investment of Rs 57,000 crore. This investment is expected to generate direct and indirect employment for around 25,000 people.

As part of these commitments, Torrent Power has signed a memorandum of understanding (MoU) with Government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka District in Gujarat.

The firm stated that it has submitted for setting up 1 lakh kilo tonnes per annum (KTPA) green ammonia production facility with an investment of Rs 7,200 crore and employment generation for around 1,000 people.

'Torrent Power has already announced that it intends to install about 5 to 8 GW of PSP capacity entailing investment of Rs 25,000 to Rs 35,000 crore. Torrent Power has a track record of successfully commissioning and operating large infrastructure projects. With a strong balance sheet, the Company is well poised to contribute meaningfully to the nation's target of 500 GW renewable capacity by 2030,' the company stated in a filing.

Samir Mehta, chairman of Torrent Group said, 'As one of India's largest private sector power utilities, Torrent Power stands committed to contributing to the nation's RE journey. By signing two 'Shapath Patras' we have reaffirmed our long-term commitment towards a green and sustainable future. 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. We thank the Government of India for its futuristic policies and creating enabling environment to foster growth of the RE sector.'

Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.

The company's consolidated net profit jumped 87.96% to Rs 972.24 crore in Q1 FY25 as against with Rs 517.27 crore posted in Q1 FY24. Revenue from operations grew by 23.28% year on year to Rs 9,033.73 crore in the quarter ended 30 June 2024.

Shares of Torrent Power rose 0.42% to currently trade at Rs 1,770.25 on the BSE.