Torrent Power Commits Investments of INR 64,000 Cr. in Renewable Energy at RE-Invest 2024 – Asia Pacific

Torrent Power Ltd., the integrated power utility of diversified Torrent Group, has reaffirmed its commitment towards a green and sustainable future as it submitted two Shapath Patras to the Union Ministry of New and Renewable Energy, Government of India at the 4th edition of RE-Invest at Gandhinagar, Gujarat.

The Company has submitted a ‘Shapath Patra’ to achieve 10 GW of installed Renewable Energy (RE) capacity by 2030, with an investment of INR 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 also signed a Memorandum of Understanding (MoU) with the Government of Gujarat for the execution of 5 GW solar, wind or solar-wind hybrid projects in the Dwarka district in Gujarat.

For next-generation energy reforms, Green Hydrogen is an important element, which is slated to play a critical role in achieving net-zero emissions and decarbonizing hard-to-abate sectors. Torrent Power is actively pursuing opportunities to develop Green Hydrogen and Green Ammonia Production projects to cater to the export and domestic markets.

The second ‘Shapath Patra’ was submitted for setting up a 1,00,000 KTPA Green Ammonia production facility with an investment of INR 7,200 Crore and employment generation for around 1,000 people.

Commenting on the development, 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 for creating an enabling environment to foster the growth of the RE sector.”

Increased penetration of Solar and Wind in electricity generation will create a need for energy storage solutions for providing firm, reliable and dispatchable RE power. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The Company has already announced that intends to install about 5 to 8 GW of PSP capacity entailing an investment of INR 25,000- 35,000 Crore.

As of now, Torrent Power 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. Further, Renewable projects of about 3.1 GWp are under development. Total generation capacity, including projects under advanced stages of development, is about 7.5 GWp.

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