Torrent Power commits ₹64,000 cr investment at 'RE-Invest 2024'

Torrent Power, the integrated power utility of diversified Torrent Group, plans to achieve 10 gigawatts (GW) of installed renewable energy capacity by 2030, with an investment of ₹57,000 crore. It also plans to set up a 1 lakh kilo tonnes per annum (KTPA) green ammonia production facility with an investment of ₹7,200 crore.

This investment is expected to generate direct and indirect employment for around 25,000 people, the company says while submitting these two plans to the Union ministry of new and renewable energy at the fourth edition of RE-Invest at Gandhinagar on Monday.

“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 decarbonising 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 company says.

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 in Dwarka district in the state of Gujarat.

“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,” says Samir Mehta, chairman of Torrent Group.

The increased penetration of solar and wind in electricity generation will create the need for energy storage solutions for providing firm, reliable and dispatchable RE power, it says. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The company has already announced that it intends to install about 5 to 8 GW of PSP capacity entailing investment of ₹25,000-35,000 crore.

India is targeting 500 GW of renewable capacity by 2030.

Torrent Power is the ₹27,183-crore integrated power utility of the ₹41,000-crore Torrent Group. The company has a presence across the entire power value chain – generation, transmission and distribution. The company has an aggregate installed generation capacity of 4.4 gigawatt-peak (GWp) comprising 2.7 GW of gas-based capacity, 1.3 GWp of renewable capacity and 362 MW of coal-based capacity.

The company distributes nearly 30 billion units to over 4.13 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.