Torrent Power, a key player in the power sector, witnessed its share price soar by more than 9% to an all-time high of ₹1,249.95 each during Monday’s trading session. This surge came on the heels of the company receiving a Letter of Award from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) on March 7, 2024.
What Happened: The award, valued at ₹1,540 crore, is for a project to establish a 306 MW solar power setup across 48 locations in Maharashtra’s Nasik District.
This project propels Torrent Power’s renewable energy ambitions, pushing its under-construction renewable capacity to 1.7 gigawatts. With the completion of these projects, the company’s renewable energy capacity is set to almost double to 3 gigawatts within the next 18 to 24 months. Torrent Power is not stopping there; it’s exploring other renewable avenues like hydro storage and green hydrogen.
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February also saw Torrent Power clinching another project under the Railway Energy Management Company Limited (REMCL) for supplying 100 megawatts of round-the-clock power, estimated at ₹2,700 crore for setting up approximately 325 megawatts of renewable capacity. This project comes with a 25-year tariff fixed at ₹4.25 per Kwh.
Torrent Power’s strategic push towards renewables aligns with its sustainability goals and supports India’s objective of achieving 500 GW of non-fossil fuel capacity by 2030. Operating across generation, transmission, and distribution, the company serves over 4.03 million customers across various regions in India, showcasing its comprehensive presence in the power value chain.
Price Action: Torrent Power shares were trading 5.39% higher at ₹1,206.35 on Monday midday.
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