With the potential to create 26,000 jobs, Torrent Power Limited said on Monday that it had committed an investment of Rs 64,000 crore during the fourth iteration of “RE-Invest 2024” in Gandhinagar. The company announced in a regulatory filing that it has sent two “Shapath Patra” to the Indian government’s Union Ministry of New and Renewable Energy.
With an expenditure of Rs 57,000 crore, the first “Shapath Patra” aims to attain 10 GW of installed Renewable Energy (RE) capacity by 2030. It further stated that around 25,000 jobs, both direct and indirect, are anticipated to be created by this investment.
A Memorandum of Understanding (MoU) was inked between Torrent Power and the Gujarati government to carry out a 5 GW solar, wind, or solar-wind hybrid project in the state’s Dwarka District. “Torrent Power is aggressively seeking chances to establish Green Ammonia and Hydrogen Production projects to serve both the local and export markets,” the company stated in a statement.
The second “Shapath Patra” was filed to establish a 1,00,000 KTPA Green Ammonia production facility for Rs 7,200 crore, creating jobs for about 1,000 persons.
Pumped Storage Project (PSP) sites have been discovered by Torrent Power in several states. The firm has declared its intention to develop approximately 5 to 8 GW of PSP capacity, which would need an expenditure ranging from Rs 25,000 to Rs 35,000 crore.
The integrated power utility of the Rs 41,000 crore Torrent Group, Torrent Power is valued at Rs 27,183 crore. It operates along the whole power value chain, including generation, transmission, and distribution. With 2.7 GW of gas-based capacity, 1.3 GWp of renewable capacity, and 362 MW of coal-based capacity, the company has an installed generation capacity of 4.4 GWp overall.
