Torrent Power hits record high on bagging 306-MW solar project in Maharashtra

Torrent Power soared 10.68% to Rs 1265.80 after the company said that it has emerged as a successful bidder and received letter of award (LoA) from MSEDCL for setting up of 306 MW grid-connected solar power project at Nasik in Maharashtra.

The LoA is received from Maharashtra State Electricity Distribution Company (MSEDCL). The project is conceived by MSEB Solar Agro Power (MSAPL) under MSKVY 2.0 scheme for implementation of feeder level solarization under component C of PM-KUSUM scheme connected to the distribution network.

MSAPL has formed SPV named, MSKVY Ninth Solar SPV (project SPV) to enable development of the project. MSAPL has identified revenue land parcels & obtained some permissions in the name of project SPV.

Torrent Power shall acquire 100% of the equity shares of the project SPV and will get the central finance assistance (CFA) from Central Government for eligible capacity as per the terms of the PM-KUSUM scheme.

The project shall be commissioned within 18 months from the LoA at an estimated cost of Rs 1,540 crore. The tariff for the project is Rs 3.10/kWh for the period of 25 years.

With this award, Torrent Powers renewable capacity under construction has increased to 1.7 GW. Upon completion of these 1.7 GW projects, Torrents renewable capacity will increase to 3 GW in the next 18-24 months.

As part of its growth strategy, the company is also working on other green energy pathways of pumped storage hydro and green hydrogen.

Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.

The companys consolidated net profit declined 47.4% to Rs 359.83 crore on 1.2% decrease in net sales to Rs 6,366.09 crore in Q3 FY24 over Q3 FY23.

The scrip hit an all time high at Rs 1,275 in todays intraday session.

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