Indian power utility Torrent Power has unveiled plans to invest a substantial INR 473.5 billion (USD 5.69 billion/EUR 5.19 billion) in renewable energy, green hydrogen, and power distribution projects within the state of Gujarat.
The company, in a noteworthy announcement on Thursday, disclosed the signing of four Memoranda of Understanding (MoUs) with the state government through the Gujarat Energy Development Agency (GEDA). These agreements outline a comprehensive approach to bolstering the renewable energy sector and enhancing power distribution infrastructure.
Under the first MoU, Torrent Power aims to spearhead the development of 3,450 MW of solar projects and 1,045 MW of hybrid power projects across the districts of Banaskantha, Jamnagar, Patan, and Surendranagar. The total investment for this initiative is estimated at a staggering INR 306.5 billion, signaling a significant commitment to expanding the renewable energy portfolio.
The second MoU underscores Torrent Power's dedication to establishing the necessary infrastructure for a colossal 7,000-MW solar power complex in Banaskantha district, with an investment outlay of approximately INR 45 billion.
A third agreement highlights the company's foray into the green hydrogen and green ammonia domain, with a substantial INR 72 billion earmarked for a project in Banaskantha/Dahej. This facility is projected to boast an annual production capacity of 100,000 tonnes, contributing to the burgeoning green energy landscape.
Finally, Torrent Power has committed INR 50 billion to fortify its distribution business in key cities including Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR (MBSIR). This investment aligns with the company's objective of enhancing service delivery to over 4.03 million customers.
Presently, Torrent Power operates 1,195 MW of renewable energy capacity and has an additional 953 MW in development. The company's multifaceted approach signifies a substantial stride towards a sustainable energy future, emphasizing the importance of renewable sources and efficient power distribution in Gujarat.