Inside Torrent Power’s FY26 report: renewables, storage and transmission plans
Torrent Power Limited is advancing a large expansion programme across renewable energy, pumped storage, thermal generation and transmission infrastructure, according to its Integrated Annual Report for FY 2025-26. As of March 31, 2026, the company had around 4 GWp of renewable energy projects under construction and 3 GW of pumped storage projects (PSP) under development, supported by a planned investment of around Rs 27,830 crore for renewable capacity expansion.
The company’s operational generation portfolio stood at 5.1 GWp at the end of FY26, with clean and green energy accounting for about 82% of the total capacity. It serves around 4.3 million customers, distributes nearly 31 billion units of electricity annually, and reported distribution losses of 2.33% across its licensed distribution areas.
Renewable pipeline
Torrent Power’s renewable development portfolio includes projects across wind, solar, hybrid, merchant and Commercial & Industrial (C&I) segments.
The wind portfolio comprises 300 MW under SECI XII, 122 MW under SECI XVI and 300 MW under SECI XVIII. The solar and hybrid portfolio includes a 367 MWp project under Mukhyamantri Saur Krushi Vahini Yojana (MSKVY), an 830 MWp hybrid project with 450 MW contracted capacity, and a 500 MWp Firm and Dispatchable Renewable Energy (FDRE) hybrid project with 250 MW contracted capacity.
In addition, the company is developing 250 MWp of hybrid merchant capacity and 838 MWp of renewable projects for C&I consumers.
Torrent Power has set an aspiration to reach 10 GW of installed renewable capacity by 2030 through competitive bidding, project execution and selective inorganic opportunities.
Pumped storage
The company is developing 3 GW of PSP capacity, including a 3,000 MW / 18,000 MWh project in Maharashtra. Of this, 2,000 MW has been secured under a 40-year agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL).
Beyond the ongoing developments, Torrent Power has identified an additional 5.4 GW of PSP opportunities across Maharashtra, Uttar Pradesh, Gujarat and Madhya Pradesh, increasing its cumulative pumped storage pipeline to around 8.4 GW. The company has obtained in-principle allotments for project sites in Maharashtra and Uttar Pradesh.
Transmission projects
During FY26, Torrent Power commissioned the Khavda Phase II Part-D transmission project in Gujarat. The project includes a 400 kV multi-circuit transmission line extending about 240 ckm and associated bay upgrades from 2,000 Amp to 3,150 Amp. Built with an investment of around Rs 600 crore, the transmission system supports evacuation of 4.5 GW of renewable energy from the Khavda Power Station.
The company also infused Rs 240 crore in equity during FY26 for the TPGL Khavda project.
Torrent Power’s tariff-based competitive bidding (TBCB) Solapur Transmission Project Special Purpose Vehicle (SPV) is currently under construction and is targeted for commissioning during the first half of FY27. The project comprises a 400/220 kV air-insulated substation (AIS), around 80 ckm of 400 kV double-circuit quad transmission line and associated bays to evacuate 1,500 MW of renewable power from the Solapur Special Economic Zone (SEZ) in Maharashtra.
The company is also progressing around 40 km of additional 400 kV double-circuit transmission lines for renewable energy evacuation and plans to selectively participate in future inter-state and intra-state TBCB opportunities while evaluating brownfield assets.
Thermal capacity
Torrent Power is developing a 1,600 MW (2×800 MW) ultra-supercritical coal-based power plant at Anuppur in Madhya Pradesh. Unit I is scheduled for commissioning within 66 months and Unit II within 72 months from execution of the Power Purchase Agreement (PPA).
Separately, the acquisition of a 1,400 MW operational supercritical thermal power plant in Punjab from Larsen & Toubro is expected to be completed during the first quarter of FY27.
Green hydrogen and storage
The company is also pursuing opportunities in green hydrogen and green ammonia. It has received in-principle approval for the allocation of around 17,500 hectares of government land in Gujarat for establishing a production facility.
Torrent Power has commissioned a pilot project that blends around 2% green hydrogen with natural gas in the city gas distribution network at Gorakhpur, Uttar Pradesh.
Battery Energy Storage Systems (BESS) are also being integrated into hybrid renewable projects, including a 112.5 MW / 450 MWh storage facility for its FDRE project.
Investment and targets
Torrent Power reported capital expenditure of Rs 8,681 crore during FY26 and expects investments to increase in the coming years as its project pipeline progresses.
To support future investments, the company is seeking shareholder approval to increase its borrowing limit from Rs 25,000 crore to Rs 35,000 crore while maintaining its ‘AA+/Stable’ credit rating.
The company has also outlined sustainability targets that include achieving around 65% renewable capacity in its generation portfolio by 2030, maintaining emissions intensity at or below 0.42 tCOâ‚‚e/MWh, achieving 100% non-hazardous recycling and zero waste to landfill, reducing specific water consumption, and increasing women representation in its workforce to 11% by FY30.
