Torrent Power, an Indian company involved in power generation, transmission, and distribution, has been granted 6,000 hectares of land in Gujarat for the development of green hydrogen and renewable energy projects.
The company plans to establish 3 gigawatts (GW) of renewable energy projects, encompassing both solar and wind capacities. These projects will include significant initiatives as well as projects receiving state discounts. Torrent Power intends to commence the development of these projects once power purchase agreements (PPAs) are finalized.
While Torrent Power currently operates coal-based, gas-based, and renewable power plants, it aims to increase its focus on the renewable energy sector in conjunction with its core business of transmission and distribution.
In addition to expanding its renewable energy portfolio, the company is actively exploring opportunities for inorganic acquisitions and greenfield projects. Torrent Power has set a target of achieving around 5 GW of renewable energy capacity within the next three to five years.
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. Torrent Power's strategic shift towards the renewable energy sector aligns with its core business of transmission and distribution.){kind=link}