Torrent Power awarded 306 MW Solar Project in Maharashtra
March 07, 2024: Torrent Power Limited has emerged as a successful bidder and has received Letter of Award from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) on March 07, 2024 for setting up of 306 MW grid-connected Solar power project, at 48 distributed locations, across Nasik District, Maharashtra. The LOA was handed over by Hon’ble Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis.
Project is conceived by MSEB Solar Agro Power Limited (MSAPL) under MSKVY 2.0 scheme forimplementation of feeder level solarization under Component C of PM-KUSUM scheme connected to the distribution network. Project shall be commissioned within 18 months from the Letter of Award at an estimated cost of ₹ 1,540 Crs. The tariff for the project is Rs.3.10/kWh for the period of 25 years.
The Government of Maharashtra (GOM) seeks to ensure stable daytime electricity to agriculture consumers through decentralized solar power projects. To enable the development of the MSKVY 2.0 scheme, GOM has taken a cluster wise approach whereby revenue land and certain approvals are already obtained by MSAPL directly into the project SPVs. Torrent shall acquire 100% of the equity shares of the Project SPV and will get the Central Finance Assistance (CFA) from Central Govt. for eligible capacity as per the terms of the PM KUSUM Scheme.
Torrent continues to expand its Renewables portfolio in line with its commitment to increase sustainable generation and contribute meaningfully to the country’s ambitious renewable targets. With the award of this 306 MW capacity, Torrent’s renewable capacity under construction has increased to 1.7 GW. Upon completion of these 1.7 GW projects, Torrent’s renewable capacity will increase to 3 GW in the next 18-24 months. As part of its growth strategy, the Company is also working on other Green Energy pathways of Pumped Storage Hydro and Green Hydrogen.
