Torrent Power, a prominent integrated power utility under the Torrent Group, announced significant investment plans in renewable energy, green hydrogen, and electricity distribution in Gujarat. During the Vibrant Gujarat Global Summit’s 10th edition, the company entered into four preliminary MoUs with the Gujarat government, outlining investments totaling Rs 47,350 crore.
Chairman of Torrent Group, Samir Mehta, highlighted the company’s focus on national priorities, stating, “Torrent Power intends to make a significant portion of its future investments across key national priorities of renewable generation, pump storage hydro projects, green hydrogen / green ammonia production and power distribution.”
The proposed investments encompass various sectors, including renewable energy, green hydrogen production, and electricity distribution, aiming to significantly contribute to the state’s development and generate substantial employment opportunities.
One of the MoUs involves establishing 3,450 MWs of Solar Power Projects and 1,045 MWs of Hybrid Power Projects in specific districts, necessitating an investment of Rs 30,650 crore. Additionally, another agreement outlines a Rs 4,500 crore investment for the development of a solar park catering to a 7,000-MW Solar Power project in Banaskantha district.
Furthermore, Torrent Power plans to set up a Green Hydrogen/Green Ammonia production facility with a capacity of 100 KTPA, involving an investment of Rs 7,200 crore in Banaskantha/Dahej. The fourth MoU focuses on injecting Rs 5,000 crore into Torrent Power’s distribution business across several cities.
These strategic partnerships between Torrent Power and the Gujarat government signify a significant step towards bolstering sustainable energy initiatives and enhancing electricity distribution infrastructure in the state.
