Torrent Power allocates Rs 64,000 cr to invest in green projects

Last update: Sep 16, 2024 | 1:04 PM IST

Torrent Power said it has committed to invest over Rs 64,000 crore in green or renewable energy projects under ‘RE-Invest 2024’, with potential employment of 26,000 people.

The company has also submitted a proposal to Shapath Patra to install 10 GW of renewable energy (RE) projects by 2030 at an investment of Rs 57,000 crore. The 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 the Government of Gujarat to develop a 5 GW solar, wind and solar and wind hybrid project in Dwarka district of Gujarat.

The company said it has applied for setting up a green ammonia plant with a capacity of 1 lakh kilotonnes per annum (KTPA) at an investment of Rs 7,200 crore and creating employment for around 1,000 people.

Torrent Power has already announced that it intends to install around 5 to 8 GW of PSP capacity, which will entail an investment of Rs 25,000 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-positioned to make a significant contribution to the nation’s target of 500 GW of renewable power capacity by 2030, the company said in a regulatory filing.

Samir Mehta, Chairman, Torrent Group said, “As one of the largest private power providers in India, Torrent Power is committed to contributing to the nation’s RE journey. With the signing of the two Shapath Patras, we have reaffirmed our long-term commitment towards a green and sustainable future. This commitment not only underscores our commitment to promoting green energy solutions but also underscores 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 for the growth of the RE sector.”

Torrent Power is a private company engaged in the production, transmission and distribution of electricity.

The company’s consolidated net profit increased by 87.96% to Rs 972.24 crore in Q1 FY25 as compared to Rs 517.27 crore recorded in Q1 FY24. Revenue from operations increased by 23.28% year-on-year to Rs 9,033.73 crore in the quarter ended June 30, 2024.

Torrent Power shares rose 0.42% and are currently trading at Rs 1,770.25 on the BSE.

Powered by Capital Market Live News

Disclaimer: No Business Standard journalist was involved in the creation of this content

First published: Sep 16, 2024 | 12:08 PM IST