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 the Gujarat government to develop a 5GW solar, wind, or hybrid project in Dwarka district.
In a separate commitment, Torrent Power will invest Rs 72 billion to establish a 100,000 KTPA green ammonia production facility, expected to create 1,000 jobs. Green hydrogen and ammonia are critical for achieving net-zero emissions, with the company aiming to serve both domestic and export markets.
Additionally, Torrent Power has identified multiple Pumped Storage Project (PSP) sites, planning to install 5 GW to 8 GW of capacity with an investment of Rs 250 billion to Rs 350 billion, addressing the need for reliable energy storage solutions as renewable energy penetration increases.