Torrent Power to invest over $763m for renewable energy projects

This will fund 10 GW of clean energy capacity.

Torrent Power Limited has committed to invest more than $763m (INR64,000 crore) to rollout various renewable energy projects to advance the shift to clean energy sources in India.

In a bourse filing, the company said $682m (INR57,000 crore) will be used to develop 10 gigawatts (GW) of installed renewable energy capacity  by 2030. This is expected to generate direct and indirect employment for around 25,000 people. 

Part of this commitment is the signing of a memorandum of understanding with Government of Gujarat for execution of five gigawatts solar, wind, or solar-wind hybrid project at Dwarka District in the State of Gujarat.

Torrent Power said it is also looking into opportunities to develop green hydrogen and green ammonia production projects to cater to the export and domestic markets. To support this, the company will allocate $86m (INR7,200 crore) to set up a 100,000 kilo tonnes per annum green ammonia production facility that will employ around 1,000 people.

Meanwhile, the company said it has identified pumped storage project (PSP) sites in various states. It plans to install five to eight gigawatts of PSP capacity entailing investment of up to $420m (INR35,000 crore).

Torrent Power has a total installed capacity of 4.4 GW, as well as 3.1 GW of renewable projects under construction.

$1 = INR83.82