Torrent Power Limited has emerged as a successful bidder and has received Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) on 17th September 2024 for procurement of 1,500 MW / 12,000 MWh Energy Storage Capacity from Pumped Hydro Storage Project. Detailed Letter of Award will be issued by MSEDCL upon obtaining necessary approval from Maharashtra Electricity Regulatory Commission (MERC) in terms of the tender document on the quoted tariff.
MSEDCL will procure energy storage capacity of 1,500 MW from pumped hydro storage project for a period of 40 years.
The Company plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad District, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the Company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL.
Increased penetration of Solar and Wind in electricity generation will create need for energy storage solutions for providing firm, reliable and dispatchable RE power. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The Company has already announced that it intends to install about 5 to 8 GW of PSP capacity entailing investment of Rs 25,000 to Rs 35,000 Crores. As part of its growth strategy, the Company is also working on other Green Energy pathways like Green Hydrogen and Green Ammonia Production projects. Torrent continues with its commitment of increasing sustainable generation and contributing meaningfully to the country's ambitious renewable targets.
Shares of Torrent Power Limited was last trading in BSE at Rs. 1779.95 as compared to the previous close of Rs. 1780.20. The total number of shares traded during the day was 112507 in over 5993 trades.
The stock hit an intraday high of Rs. 1900.70 and intraday low of 1758.10. The net turnover during the day was Rs. 206165680.00. |
