Torrent Power to invest Rs 64,000 crore in renewable energy projects with potential to employ 26,000 people – Industry News

Torrent Power Limited on Monday announced that it has committed investment worth Rs 64,000 crore at the fourth edition of ‘RE-Invest 2024’ in Gandhinagar, with the potential of giving employment to 26,000 people. In a regulatory filing, the company said that it has submitted two  ‘Shapath Patra’ to the Union Ministry of New and Renewable Energy, Government of India.

The first ‘Shapath Patra’ is submitted to achieve 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with an investment of Rs 57,000 crore. This investment, it added, is expected to generate direct and indirect employment for around 25,000 people. Torrent Power 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 the state. “Torrent Power is actively pursuing opportunities to develop Green Hydrogen and Green Ammonia Production projects to cater to the export and domestic markets,” it said in a statement. 

The second ‘Shapath Patra’ was submitted for setting up 1,00,000 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.

PN Gadgil Jewellers IPO opens today: Check GMP, price band, and other key details before you subscribe

Attention Mumbai! ‘Bow-String’ arch bridge connecting Coastal Road to Bandra Worli Sea Link set to partially open on Sep 12; Enjoy 24/7 access until THIS date

Shriram Properties charts Rs 2,000 crore expansion plan

BPCL announces capex outlay of Rs 1.70 lakh over next five years towards ‘Project Aspire’

Samir Mehta, Chairman, 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 an enabling environment to foster growth of the RE sector.” 

Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states and the company 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, the Rs 27,183 crore integrated power utility of the Rs 41,000 crore Torrent Group, has presence across the entire power value chain – generation, transmission and distribution. The company has an aggregate installed generation capacity of 4.4 GWp comprising 2.7 GW of gas-based capacity, 1.3 GWp of renewable capacity and 362 MW of coal-based capacity. 

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}