Torrent Power Invests Rs. 47,000 cr In RE Distribution Within Gujarat

Torrent Power Invests Rs 47,000 cr In RE Distribution Within Gujarat

By Chitrika Grover/ Updated On Thu, Jan 4th, 2024

Highlights :

Torrent Power has diversified its investment with the signing of four non-binding Memorandum of Understanding (MoU) with the Gujarat government.
The MoU was signed between Torrent Power and the Gujarat Energy Development Agency (GEDA) in Gandhinagar.

Torrent Power Invests Rs. 47,000 cr In RE Distribution Within Gujarat

Torrent Power has inked four agreements with the Gujarat government to invest around Rs. 47,350 crores in the renewable energy sector, Green Hydrogen, and in the electricity distribution business.

Torrent Power, an integrated power utility, has diversified the Torrent Group investment with the signing of four non-binding Memorandum of Understanding (MoU) with the government of Gujarat under the 10th edition of the Vibrant Gujarat Global Summit, according to a company statement. The MoU was signed between Torrent Power and the Gujarat Energy Development Agency (GEDA) in Gandhinagar.

Through the four MoUs, Torrent Power proposed a total investment of Rs. 47,350 crores (approximately USD 5.70 billion), it stated. The proposed investment is planned to be made in renewable energy, green hydrogen, and power distribution and is expected to contribute significantly towards the development of the state and the creation of large-scale employment opportunities.

Torrent Power Invests Rs 47,000 cr In RE Distribution Within Gujarat

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“Torrent Power intends to make a significant portion of future investment across key national priorities of renewables generations, pump storage hydropower, green hydrogen/ green ammonia production and distribution.”, Torrent Group Chairmen Samir Mehta said in the statement.

One of the four MoUs comprises 3,450 MWs of Solar Power Projects and 1 045 MWs of Hybrid Power Projects to be set in the districts of Banaskantha, Jamnagagar, Patana, and Surendranagar entailing a proposed investment of Rs. 30,650 crore.

The second MoU entails an investment of Rs. 4,500 crores in the development of infrastructure of a solar park for a 7,000 -MW Solar Power project to be set up in Banaskantha district. The Thord MoU is for setting up a Green Hydrogen/ Green Ammonia production facility with a capacity of 100 KTA to be set up in Banaskantha/ Dhahej with a total proposed investment of Rs. 7,200 crores. The fourth MoU pertains to an investment of Rs. 5,000 crores in Torrent Power’s distribution business in the cities of Ahmedabad, Gandhinagar, Surat, Dhahej SEZ, and Mandal Becharaji SIR (MBSIR)