New Delhi, September 17, 2024: Torrent Power Ltd on Monday raised its bet on nextgeneration renewable energy (RE) by announcing entry in the green hydrogen (GH2) and ammonia production with an investment of Rs 7,200 crore in addition to projects worth Rs 57,000 crore on the table for attaining 10 gigawatts of RE capacity by 2030.
The Ahmedabad-based utility said GH2 and green ammonia project, aimed at catering to the domestic and export markets, is expected to generate about 1,000 direct and indirect employment on top of the 25,000 jobs seen from the investments in the RE capacity expansion. It is also pursuing a pumped storage power project capacity of 5-8 GW entailing investments of Rs 25,000 to Rs 35,000 crore.
According to the reports published in timesofindia.indiatimes.com the company signed an MoU with the Gujarat government for execution of 5 GW solar, wind or solar-wind hybrid projects at Dwarka district in the state on the sidelines of RE-Invest, the fourth global renewable energy investor meet at Gandhinagar.
“As one of India’s largest private sector power utilities, Torrent Power stands committed to contributing to the nation’s RE journey. By signing two ‘Shapath Patras’ we have reaffirmed our long-term commitment towards a green and sustainable future. This commitment not only underscores our dedication to advancing green energy solutions but also highlights the fact that our business operations are aligned with national priorities. We thank the Government of India for its futuristic policies and for creating an enabling environment to foster the growth of the RE sector,” Torrent Group chairman Samir Mehta said.
The Rs 27,183-crore integrated power utility is part of the Rs 41,000-crore pharma-to-energy infra Torrent Group, has a total installed generation capacity of 4.4 GW consisting of 2.7 GW of gas-based capacity, 1.3 GWp of RE and 362 MW of coal-based capacity. It has 3.1 GW and is under development. Total generation capacity, including projects under advanced stages of development, 7.5 GW.
The company distributes nearly 30 billion units to over 4 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.
