Torrent Power Soars 5.4% After Securing Energy Projects

18 Mar 2024 , 12:00 PM

On March 18, shares of Torrent Power surged by over 5% following the company’s receipt of a letter of award for the establishment of 300 MW of win solar hybrid projects.

Torrent Power was trading at ₹1,217.60 on the NSE at 10:42 a.m.

The project would have a 25-year contract length and a rate of ₹3.65/kwh. The distribution division of Torrent Power awarded the project.

At a cost of ₹3,650 Crore, the project will be put into service 24 months after the power purchase agreement (PPA) is signed.

During the life of the PPA, the annual capacity utilisation factor (CUF) cannot be less than 50%, and the rated power capacity of solar and wind power must be in a 2:1 ratio. “For meeting the 50% CUF requirement, the company plans to install 480 MW of wind and solar capacity against contracted capacity of 300 MW,” it said.

The business won a ₹1,540 solar project last week. The company’s shares had reached a 52-week high of ₹1,287.50 following the order victory.

Under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 plan, the Maharashtra State Electricity Distribution Company (MSEDCL) has issued a letter of award (LoA) for the delivery of 306 MW of solar electricity for feeder level solarization under the PM KUSUM plan.

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