Torrent Power Ltd recently announced that it will set up a 300 MW capacity solar power plant in Gujarat at an estimated cost of Rs 1,250 crore. The company said it has signed an agreement to sell electricity generated at Rs 2.22 per unit for a period of 25 years. It has been awarded this PPA from a licensed distribution business unit. The project will be commissioned within 18 months from the date of execution of the PPA.
Torrent had ventured into the renewable energy space with a 50 MW wind power plant in 2012. It has till date implemented various renewable projects aggregating to around 786.5 MW (648.5 MW wind and 138 MW solar). Apart from this, around 515 MW renewable power projects (115 MW wind and 400 MW solar) are under implementation (including this 300 MW project)
Torrent Power is a Rs 13,641 crore integrated power utility of the Rs 21,500 crore Torrent Group and has presence across the entire power value chain: generation, transmission, and distribution. It has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW of gas-based capacity, 787 MW renewable and 362 MW of coal-based capacity. It distributes nearly 16.66 billion units to over 3.65 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.