Torrent Power has emerged as a successful bidder for a 300 MW wind power project by Solar Energy Corporation of India. Torrent Green Energy, a wholly owned subsidiary of Torrent Power, will set up the wind plant, which will be operational within a 24-month time frame from the signing of the Power Purchase Agreement.
In an exchange filing, the company said that it will invest about Rs 2650 crore in the project. The tariff rate of the project will be Rs 3.97 per unit, and the contract period will be 25 years.
Torrent’s push for green energy
Torrent Power is one of the biggest private sector power generation, transmission, and distribution companies in India. The Rs 29165 crore worth company has a 4838 MW installed power generation capacity. Its current gas-based based stands at 2730 MW while the renewable source-based capacity is 1746 MW.
Furthermore, the company is pushing to increase its renewable capacity, as the company has 3279 MW of renewable energy in the pipeline.
In a bid to accommodate its renewable energy capacity, the company is increasing its pump storage capacity by 3000 MW under development.
Earlier in April, Torrent Power incorporated another subsidiary, named Torrent Urja Projects, to support its renewable energy expansion.
The company will assist Torrent Green Energy in designing, manufacturing, constructing, installing, repairing, and maintaining various aspects of the business. It will also assist in marketing, sales, and operations.
Torrent Power’s deal with BP Singapore
In another deal, earlier on June 2, Torrent Power signed an LNG Sale and Purchase Agreement with BP Singapore. As per the agreement, BP Singapore will supply Torrent Power 0.41 million metric tonnes of LNG per annum from 2027 to 2036.
Torrent Power will utilize the procured LNG to operate its natural gas-based power plant, which forms the bulk of its current power generation capacity.