Torrent Power invests Rs 64,000 crore in green projects
Torrent Power is actively pursuing opportunities to develop projects for the production of green hydrogen and green ammonia.
Torrent Power on Monday pledged to invest Rs 64,000 crore in green or renewable energy projects that will create employment for 26,000 people.
Torrent Power Ltd, the integrated power company of the diversified Torrent Group, has reaffirmed its commitment to a green and sustainable future by submitting two ‘Shapath Patras’ to the Union Ministry of New and Renewable Energy during the fourth edition of RE-Invest in Gandhinagar on Monday, a statement from the company said.
RE-INVEST is organised by the Ministry of New and Renewable Energy in collaboration with CII.
According to the statement, the company has filed a ‘Shapath Patra’ project to achieve an installed capacity of 10 Gigawatt (GW) of renewable energy (RE) by 2030, with an investment of Rs 57,000 crore.
This investment is expected to create direct and indirect employment for approximately 25,000 people.
As part of these commitments, Torrent Power on Monday signed a Memorandum of Understanding (MoU) with the Gujarat government for the implementation of a 5 GW solar, wind or solar-wind hybrid project in Dwarka, Gujarat.
Green hydrogen is a key component of the next generation of energy reforms, expected to play a crucial role in achieving net zero emissions and decarbonising hard-to-decarbonise sectors.
Torrent Power is actively pursuing opportunities to develop green hydrogen and green ammonia production projects to serve the export and domestic markets.
The second ‘Shapath Patra’ was filed for construction of a green ammonia production facility with a capacity of 1,00,000 kilotonnes per annum (KTPA), an investment of Rs 7,200 crore and creation of employment for about 1,000 people.
“As one of India’s largest private utility companies, Torrent Power is keen to contribute to the country’s sustainable energy transition,” said Samir Mehta, Chairman, Torrent Group.
This commitment not only underscores our dedication to advancing green energy solutions, but also emphasizes that our business operations are aligned with national priorities, he said.
The increasing penetration of solar and wind energy in electricity generation will increase the demand for energy storage solutions. These solutions provide a stable, reliable and controllable renewable energy source (RE).
Torrent Power has identified Pumped Storage Project (PSP) locations in multiple states. The company has already announced that it plans to install around 5-8 GW of PSP capacity, which will entail an investment of Rs 25,000 crore to Rs 35,000 crore.
Torrent Power has a track record of successfully commissioning and operating major infrastructure projects.
Its strong balance sheet positions the company to make a meaningful contribution to the country’s target of achieving 500 GW of renewable capacity by 2030.
Torrent Group is one of the largest companies in the country’s energy sector, operating across the entire energy chain: generation, transmission and distribution.
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First publication: Sep 16, 2024 | 10:18 AM IST