Torrent Power Limited, the power utility arm of Torrent Group, has announced an investment of over Rs 64,000 crore in renewable energy projects at the ‘RE-Invest 2024’ event in Gandhinagar. The company stated that this investment is expected to create potential employment for 26,000 people.
In its exchange filing, Torrent Power outlined its plans through two ‘Shapath Patras’ submitted to the Union Ministry of New and Renewable Energy at the 4th Edition of RE-Invest. The first ‘Shapath Patra’ focuses on achieving 10 gigawatts (GW) of installed renewable energy (RE) capacity by 2030, requiring an investment of Rs 57,000 crore. This project is anticipated to generate direct and indirect employment for approximately 25,000 individuals.
As part of this initiative, Torrent Power has signed a Memorandum of Understanding (MoU) with the Government of Gujarat to develop a 5 GW solar, wind, or solar-wind hybrid project in the Dwarka District.
The second ‘Shapath Patra’ involves setting up a 1,00,000 Kilo Tonnes Per Annum (KTPA) green ammonia production facility. This project will involve an investment of Rs 7,200 crore and is expected to generate employment for around 1,000 people.
Samir Mehta, Chairman of Torrent Group, remarked, “As one of India’s largest private sector power utilities, Torrent Power is committed to supporting the nation’s renewable energy journey. By signing these two ‘Shapath Patras,’ we reaffirm our long-term commitment to a sustainable future. This not only showcases our dedication to advancing green energy solutions but also aligns our operations with national priorities. We appreciate the Government of India’s forward-thinking policies that create an enabling environment for the growth of the renewable energy sector.”
Additionally, Torrent Power has identified sites for Pumped Storage Projects (PSP) in multiple states and plans to install around 5 to 8 GW of PSP capacity. This will involve an investment ranging from Rs 25,000 to Rs 35,000 crore. The company has a history of successfully commissioning and operating large infrastructure projects.
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Torrent Power, with a valuation of Rs 27,183 crore, is a significant player in India’s power sector, covering the entire power value chain, including generation, transmission, and distribution.