Torrent Power rose 1.43% to Rs 389.65 after the company said it secured a long-term power purchase arrangement (PPA) for 300 MW capacity of solar power generation.
The project will be set up in Gujarat at an estimated cost of Rs 1,250 crore. It is expected to be commissioned within 18 months from the PPA date. The PPA term is 25 years from the scheduled commercial operation date.
The company's aggregate operational renewable power capacity is 786.50 MW, of which 648.5 MW is wind power and remaining 138 MW is solar power.
A total of 515 MW renewable power capacity is under development, of which 115 MW is wind power and remaining 400 MW is solar power.
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
On a consolidated basis, Torrent Power's net profit dropped 23.5% to Rs 321.73 crore on a 4.1% decrease in net sales at Rs 2,952.75 crore in Q3 December 2020 over Q3 December 2019.
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