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Torrent Power plans to expand its renewable energy portfolio by purchasing existing projects. It is also exploring new opportunities in the transmission and distribution sectors.
Samir Mehta, Chairman of Torrent Power, has cited the recent shortage in coal and the Russia-Ukraine conflict — which have crippled power generation in India — as reasons to work towards a sustainable future through increasing India’s energy production.
Torrent Power’s total power generation portfolio including existing and under-development projects stands at 4975 MW, which includes 2730 MW gas-based, 663 MW solar, 1220 MW wind and 362 MW coal-based.
At present the company is not developing any coal or gas-based power project. The under-development solar capacity is 400 MW, while under-construction wind capacity is 415 MW.
Mehta stated that “We aim to expand our renewable portfolio through new bidding or acquisitions in coming years…we are firmly placed in order to take your company,Torrent Power), forward on a pathway of financial progress as well as a sustainable future,” in the company’s annual reports for 2021-22.
Mehta also indicated that the company will continue to look for new opportunities within the transmission and distribution sectors via privatisation or franchising.
He stated, “In 2021-22, we saw a rise in power demand of about 12 percent, the highest rate in ten years.” The growth trajectory was quickly halted by supply constraints and high fuel prices, as well as coal shortages. The situation was further affected by the Russia-Ukraine conflict, and economic sanctions against Russia. He believes that it was a year (2021-22), of power crisis. The company experienced load curtailment within certain states as a result of the inability to obtain fuel, accompanied by an increase in power rates.
“The (electricity rates) were so high that (power) regulators had have to intervene and limit power prices. He said that the business continuity issues were increased by successive COVID-19 pandemics throughout the year.
He pointed out the necessity for rapid transition to cleaner fuels after recent geopolitical conflict, which is essential for sustainable development.
He noted that countries around the world are working to reduce dependence on fossil fuels and increase their use of renewable energy.