Torrent Power to invest ₹64,000 crore in renewable projects, aiming for 10 GW capacity

Torrent Power Ltd, the integrated power utility of diversified Torrent Group, has reaffirmed its commitment towards green and sustainable future as it submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the 4th Edition of RE-Invest at Gandhinagar on Monday, a company statement said.

RE-INVEST is being organised by the Ministry of New and Renewable Energy in partnership with CII.

According to the statement, the company has submitted a ‘Shapath Patra’ to achieve 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with an investment of ₹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 on Monday signed a Memorandum of Understanding (MoU) with the Gujarat government for execution of a 5 GW solar, wind or solar-wind hybrid project at Dwarka, 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 1,00,000 Kilo Tonnes Per Annum (KTPA) Green Ammonia production facility with an investment of ₹7,200 crore and employment generation for around 1,000 people.

"As one of India's largest private sector power utilities, Torrent Power stands committed to contributing to the nation's RE journey," Samir Mehta, Chairman of Torrent Group said.

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, he said.

Increased penetration of Solar and Wind in electricity generation will create a need for energy storage solutions for providing firm, reliable and dispatchable Renewable Energy (RE) power.

Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The company has already announced that it intends to install about 5 to 8 GW of PSP capacity entailing investment of ₹25,000 crore to ₹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.

Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain -- generation, transmission and distribution.