Torrent Power receives LoA from MSEDCL for supply of 2,000 MW Energy Storage Capacity from InSTS Connected Pumped Hydro Storage Plant

Torrent Power Limited, one of the leading private sector integrated power utility with presence across generation, transmission and distribution and part of the Torrent Group, has received letter of award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for long-term supply of 2,000 Megawatt (MW) Energy Storage Capacity from InSTS Connected Pumped Hydro Storage Plant.

This 2,000 MW capacity is inclusive of 1,500 MW Capacity for which Letter of Intent was already issued by MSEDCL on September 17, 2024. The Company has now received allotment of additional 500 MW capacity under the tender taking the total capacity allocated to 2,000 MW.

MSEDCL will procure energy storage capacity from Torrent Power's InSTS Connected Pumped Hydro Storage for a period of 40 years. The Company plans to supply the storage capacity from its upcoming InSTS Connected Pumped Hydro Storage pumped hydro storage plant being set up in Maharashtra.

Under the Energy Storage Facility Agreement (ESFA), the Company shall make available to MSEDCL a contracted capacity of 2,000 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL.

Considering the growing need for energy storage solutions with increased penetration of solar and wind electricity generation capacities, Torrent Power Limited stands committed to providing firm, reliable and dispatchable renewable energy power. As part of this, Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states, besides Maharashtra. The Company has already announced its intentions to install about 5 to 8 GW of PSP capacity entailing investment of ₹ 25,000 to ₹ 35,000 Crores.

As part of its future growth strategy, the Company is also working on other Green Energy pathways like Green Hydrogen and Green Ammonia Production projects. Torrent Power continues with its commitment of increasing sustainable generation and contributing meaningfully to the country's ambitious renewable targets.

Shares of Torrent Power Limited was last trading in BSE at Rs. 1817.15 as compared to the previous close of Rs. 1800.00. The total number of shares traded during the day was 18544 in over 1568 trades.

The stock hit an intraday high of Rs. 1822.35 and intraday low of 1755.00. The net turnover during the day was Rs. 33364634.00.

Source : Equity Bulls

Keywords

TorrentPower INE813H01021 ElectricUtilities LoA MSEDCL 2000MW LongTermSupply