Torrent Power Secures 306 MW Solar Project under Maharashtra’s MMKVY 2.0 and PM KUSUM Schemes

Torrent Power Limited has been declared the winner in a competitive bid and has received a Letter of Award from the Maharashtra State Electricity Distribution Co. Limited (MSEDCL) on March 7, 2024, for a significant solar power venture. This initiative involves setting up a 306 MW grid-connected solar power project across 48 different locations within the Nasik District of Maharashtra. The prestigious letter was presented by Maharashtra’s Deputy Chief Minister, Shri Devendra Fadnavis.

This project, envisioned by MSEB Solar Agro Power Limited (MSAPL) as part of the MSKVY 2.0 scheme, aims at solarizing feeder levels under the PM-KUSUM scheme’s Component C, enhancing the connection to the distribution network. Slated for completion within 18 months from the award date, the project boasts an estimated budget of ₹1,540 crores. Additionally, the agreed upon electricity tariff is set at Rs. 3.10/kWh over a 25-year period.

This initiative is part of the Government of Maharashtra’s broader strategy to provide stable daytime electricity to agricultural sectors through decentralized solar projects, facilitating the MSKVY 2.0 scheme development. For this, a cluster-based approach has been adopted, with prior acquisitions of necessary revenue land and approvals by MSAPL for the project SPVs. Torrent Power will assume full ownership of the project SPV and is eligible for Central Finance Assistance (CFA) as per the PM KUSUM Scheme conditions.

This achievement marks a significant milestone in Torrent Power’s ongoing efforts to augment its renewable energy portfolio, aligning with its pledge to support India’s renewable energy ambitions. With this new project, Torrent’s under-construction renewable capacity will reach 1.7 GW, with expectations to expand its total renewable capacity to 3 GW within the next 18-24 months. Torrent is also exploring additional green energy solutions, including Pumped Storage Hydro and Green Hydrogen, as part of its expansion strategy.