Torrent Power Secures Major Energy Storage Deal with MSEDCL

On September 17, 2024, Torrent Power Limited won the bid and received a Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL). This LOI is for buying 1,500 MW of energy storage capacity from a Pumped Hydro Storage Project. MSEDCL will issue a detailed Letter of Award after getting approval from the Maharashtra Electricity Regulatory Commission (MERC) based on the tender document and the quoted tariff.

Torrent Power plans to provide the energy storage capacity from its new pumped hydro storage plant in Raigad District, Maharashtra. According to the Pumped Hydro Energy Storage Facility Agreement (PHESFA), Torrent will offer MSEDCL 1,500 MW of capacity, which can discharge energy for up to 8 hours a day (with a maximum of 5 continuous hours). MSEDCL will supply the energy needed to charge.

With the growing use of solar and wind energy, there is an increasing need for energy storage to ensure a steady and reliable supply of renewable energy. Torrent Power is exploring Pumped Storage Project (PSP) sites in several states and plans to set up 5 to 8 GW of PSP capacity, with an investment of Rs 25,000 to Rs 35,000 Crores. Additionally, Torrent is working on other green energy projects, such as Green Hydrogen and Green Ammonia Production. The company remains dedicated to boosting sustainable energy generation and supporting India’s renewable energy goals.

In their recent press release on September 16, 2024, Torrent Power pledged to achieve 10 GW of renewable energy by 2030 with a ₹57,000 crore investment, creating 25,000 jobs. They also signed an MoU for a 5 GW project in Gujarat.

About Torrent Power

Torrent Power is a major player in India’s power sector, part of the ₹ 41,000 crore Torrent Group. With a total value of ₹ 27,183 crore, Torrent Power operates across the full power supply chain, including generation, transmission, and distribution. The company distributes about 30 billion units of electricity to over 4.13 million customers in several locations, including Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat; Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

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