Torrent Power commits investments of over Rs 64,000 crores at ‘RE-Invest 2024’ with potential employment for 26,000 people
Ahmedabad, 16th September, 2024: Torrent Power Limited, 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, Government of India at the 4th Edition of RE-Invest at Gandhinagar on Monday.
The Company has submitted a ‘Shapath Patra’ to achieve 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with an investment of Rs 57,000 Crores. 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 Government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka District in the State of 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 Rs 7,200 Crores and employment generation for around 1,000 people.
Mr Samir Mehta, Chairman of Torrent Group said, “As one of India’s largest private sector power utilities, Torrent Power stands committed to contributing to the nation’s RE journey. By signing two ‘Shapath Patras’ we have reaffirmed our long-term commitment towards a green and sustainable future. 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. We thank the Government of India for its futuristic policies and creating enabling environment to foster growth of the RE sector.”
Increased penetration of Solar and Wind in electricity generation will create need for energy storage solutions for providing firm, reliable and dispatchable RE power. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The Company has already announced that intends to install about 5 to 8 GW of PSP capacity entailing investment of Rs 25,000 to Rs 35,000 Crores.
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.
