Torrent Power up 5% on pact with ARS, TU14 for solar projects in Tamil Nadu

Torrent Power in focus: Shares of Torrent Power rallied as much as 5.16 per cent to hit an intraday high of Rs 1,548.70 per share on Tuesday. 

The rise in the stock price came afterTorrent Power entered into a deal with ARS Steels & Alloy International and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu (TN).

In an exchange filing, the company said, “We would like to inform you that the Share Subscription and Shareholders’ Agreement (SSSA) has been signed amongst Torrent Power Limited (the Company), ARS Steels & Alloy International Private Limited (ARS) and Torrent Urja 14 Private Limited (TU14) today i.e. July 08, 2024.”

Under the deal terms, Torrent Power will be responsible for the supply of power from renewable energy sources by development and setting upto 50 MWp Solar Power Generating Projects in Tamil Nadu through open access from the Project of TU14 to the production units of ARS.

Torrent Power is an energy and power company engaged in power generation, transmission, distribution, and the manufacturing and supply of power cables. The company's diverse portfolio includes coal-based, gas-based, and renewable power plants, boasting a total operational generation capacity of 4160 MW. 

Utilising highly efficient power generation technologies, Torrent Power operates coal-based, gas-based, and renewable power plants, with ongoing construction of wind power facilities totaling 1111 MW.

The company manages 249 km and 105 km of 400kV double circuit transmission lines, which facilitate the evacuation of power generated from SUGEN (a 1147.5 MW gas-based power plant near Surat in South Gujarat) and DGEN (a 1200 MW combined cycle gas-based power plant at Dahej SEZ) to various distribution points. 

Torrent Power serves over 3 million customers annually across its distribution areas, encompassing Ahmedabad, Gandhinagar, Surat, and Dahej SEZ in Gujarat, Bhiwandi in Maharashtra, and Agra in Uttar Pradesh.

The market capitalisation of Torrent Power is Rs 72,657.24 crore, according to Bombay Stock Exchange (BSE).

At 10:31 AM, shares of Torrent Power were trading 2.66 per cent higher at Rs 1,511.75 per share. In comparison, BSE Sensex was trading 0.21 per cent higher at 80,130.69 levels.