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Torrent Power to invest Rs 1.1 trillion capex plan on renewables and storage

India, News

Torrent Power has unveiled a capital expenditure plan of Rs 1.1 trillion over the next eight years, emphasizing renewable energy and energy storage initiatives.  More than 63% of this investment is earmarked for the renewable energy sector, underscoring the company’s dedication to India’s clean energy transition. Vice President Jinal Mehta detailed these plans during a panel discussion at the State Bank of India’s banking conclave. He highlighted Torrent Power’s strategy to expand its renewable energy…

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Torrent Power reports reduced T&D losses in major licensed areas

India, News

Torrent Power has reported a reduction in transmission and distribution (T&D) losses across most of its licensed and franchised distribution areas for the first half (April to September) of FY25.  In the Ahmedabad/Gandhinagar licensed area, T&D losses dropped from 6.30% in H1 FY24 to 4.50% in H1 FY25. Similarly, losses in the Dadra Nagar Haveli and Daman & Diu licensed area declined from 1.67% to 1.62%. Together, these two areas accounted for about 62% of…

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Torrent Power signs SSSA with LMCL and TU17

India, News

Torrent Power Limited has entered into a share subscription and shareholders agreement (SSSA) with Lakshmi Mills Company Limited (LMCL) and its subsidiary, Torrent Urja 17 Private Limited (TU17). This agreement involves the supply of 8.5 MWp of solar power to LMCL’s production units via open access from TU17’s renewable energy project. Under the agreement, LMCL must retain a minimum of 26 per cent ownership in TU17 throughout the power supply period. Additionally, Torrent Power has…

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Torrent Power secures 2,000 MW energy storage order from MSEDCL

India, News

Torrent Power has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution (MSEDCL) for 2,000 MW of energy storage capacity from its InSTS-connected pumped hydro storage plant in Maharashtra. This includes an additional 500 MW capacity, following the 1,500 MW awarded on 17 September 2024. The energy storage facility will allow scheduled discharge of up to eight hours, with a maximum of five continuous hours per day. MSEDCL will provide the input energy…

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Torrent Power signs MoU with Gujarat government for 5 GW renewable energy project in Dwarka

India, News

Torrent Power Limited has signed a memorandum of understanding (MoU) with the Government of Gujarat to develop a 5 GW solar, wind, or solar-wind hybrid project in Dwarka, Gujarat. This agreement marks a significant step in advancing renewable energy initiatives in the region.

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Torrent Power wins 1,500 MW pumped hydro storage project from MSEDCL

India, News

Torrent Power has received a letter of intent (LoI) from Maharashtra State Electricity Distribution Company (MSEDCL) for 1,500 MW pumped hydro storage project (PSP) to supply power for 40 years. Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), Torrent Power will provide MSEDCL with 1,500 MW of contracted capacity, with scheduled discharge capabilities for eight hours, including a continuous maximum of five hours per day. Torrent Power, which operates across the entire power value…

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Torrent Power commits Rs 640 billion for green energy expansion

India, News

Torrent Power has announced plans to invest more than Rs 640 billion in green energy capacities, with two major commitments made at the RE-Invest event in Gandhinagar, Gujarat, on September 16, 2024. The company pledged to achieve 10 GW of installed renewable energy capacity by 2030, requiring an investment of Rs 570 billion. This project is expected to generate employment for approximately 25,000 people. As part of this commitment, Torrent Power signed an MoU with…

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Torrent Power challenges approval of Sarda Energy’s bid for SKS Power Generation at NCLAT

India, News

Torrent Power has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against the approval of Sarda Energy and Mining’s (SEML) resolution plan for the debt-ridden SKS Power Generation. The appeal follows the Mumbai-based National Company Law Tribunal’s (NCLT) decision on August 13, which approved SEML’s bid and dismissed Torrent Power’s application to acquire SKS Power Generation in Chhattisgarh. Torrent Power objected to the selection process, arguing it was discriminatory and claiming that…

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Torrent Power Announces sale of Torrent Electricals to holding company Torrent Investments

India, News

Torrent Power Limited has concluded the sale of 100 per cent equity shares of Torrent Electricals Private Limited (TEPL) to Torrent Investments Private Limited (TIPL), a holding company, for a consideration of Rs 850 million.  The sale involves TEPL, which contributed Rs 6.51 billion in revenue, representing 2.4 per cent of Torrent Power’s total revenue, and had a net worth of Rs 153 million, constituting 0.12 per cent of the total net worth. 

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Torrent Power announces financial results for Q1 2024

India, News

Torrent Power Limited has announced its financial results for the quarter ending June 30, 2024.  Let’s have a look at the key highlights. Financial Performance Revenue Growth: The company’s revenue from operations surged to Rs 71.93 billion, an increase of 50.3 per cent from Rs 47.87 billion in the prior quarter and 33.6 per cent from Rs 53.83 billion in the same quarter last year.   Profit Metrics: Profit before tax reached Rs 12.73 billion, nearly…