Under 100 Words: A Compact Summary
Torrent Power shares surged 13% to Rs 1,288.45 after securing a 306 MW solar project in Maharashtra. The company aims to commission it in 18 months, along with other projects, increasing renewable capacity to 3 GW by 2024 (Torrent Power Solar Power Project).
- Torrent Power shares surged nearly 13% to reach a new high of Rs 1,288.45 on the BSE during Monday’s intraday trade.
- This significant increase was driven by the company securing a 306 MW solar project in Maharashtra. As of 10:16 am, the integrated power utilities company’s stock was trading 12% higher at Rs 1,283, outperforming the 0.32% decline in the S&P BSE Sensex.
- Over the past eight months, the company’s market price has witnessed an impressive 107% growth (Torrent Power Solar Power Project).
- In a filing with the stock exchange last week, Torrent Power announced that it had successfully secured a bid and received a letter of award (LOA) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL).
- The LOA pertains to the establishment of a 306 MW grid-connected solar power project, which will be distributed across 48 locations in Nasik District, Maharashtra.
- The project, with an estimated cost of Rs 1,540 crore, is scheduled to be commissioned within the next 18 months (Torrent Power Solar Power Project).
- Torrent Power has set the tariff for the project at Rs 3.10/kWh for 25 years. Concurrently, Torrent Power anticipates the early commissioning of its 300 MW solar plant by April 2024, benefiting from improved returns resulting from recent reductions in solar module prices.
- This addition will bring Torrent’s under-construction renewable capacity to 1.7 GW (Torrent Power Solar Power Project).
- Looking ahead, the completion of various projects will raise Torrent’s renewable capacity to 3 GW over the next 18-24 months.
- Furthermore, a 175 MW hybrid project is progressing as planned and is expected to be commissioned by December 2025. This project will cater to 100% merchant sales, similar to the DGEN plant.
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