Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has proposed a total investment of INR 47,350 crore (around $5.7 billion) across renewable energy, green hydrogen and power distribution in Gujarat. The company has signed four non-binding Memorandums of Understanding (MoUs) with the Government of Gujarat for the proposed investment.
The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar, under the 10th edition of Vibrant Gujarat Global Summit.
Torrent Group chairman Samir Mehta said, “Torrent Group is committed to contribute towards nation-building by aligning our plans with the national priorities in the sectors where we are present. In line with this philosophy, Torrent Power intends to make a significant portion of its future investments across key national priorities of renewable generation, pump storage hydro projects, green hydrogen/green ammonia production and power distribution.”
Torrent Power also launched a new wholly-owned subsidiary Torrent PSH 2 (TPSH2).
“TPSH2 is incorporated to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export, storage of power or otherwise deal in all forms of conventional, nonconventional, renewable, green, hydro power, or any other sources of energy or power including electrical power and energy and pumped storage, battery storage or any other combination of storage technologies in all aspects,” stated the company.
TPSH2, registered with the Registrar of Companies, Gujarat, is yet to commence its business operations.
Torrent Power is present across the entire power value chain of generation, transmission, and distribution. It has a portfolio of coal-based, gas-based, and renewable power plants.
Going forward, the company intends to focus more on the renewable energy segment along with its core business of transmission and distribution. In the RE segment, it is actively looking at inorganic acquisitions as well as greenfield projects. The company targets about 5 GW of RE capacity in the next three to five years’ time.
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