Torrent Power Surges as it Secures 306 MW Solar Project in Maharashtra

11 Mar 2024 , 02:25 PM

Torrent Power’s shares surged by 12.5%, reaching an all-time high of Rs 1,287.5 per share after securing a 306 MW solar project in Maharashtra for Rs 1,540 Crore.

The stock has witnessed a remarkable year-to-date increase of over 30%, outperforming the benchmark Sensex, which rose by 0.9% during the same period.

The company received a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) to supply 306 MW solar power as part of the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarisation under the PM KUSUM Scheme.

The solar projects will be implemented across 48 distributed locations in Nasik District, and the power will be procured by MSEDCL through a 25-year Power Purchase Agreement (PPA).

With the addition of this 306 MW capacity, Torrent Power’s renewable capacity under construction has increased to 1.7 gigawatts (GW), and upon completion, it is expected to reach 3 GW in the next 18-24 months.

Torrent Power is an Indian energy and power company with diverse interests, including power generation, transmission, distribution, and manufacturing and supply of power cables.

The company serves over 38.5 lakh customers annually across various distribution areas, including Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera Special Investment Region in Gujarat, Dadra and Nagar Haveli, Daman and Diu UT, Bhiwandi, Shil, Mumbra, and Kalwa areas of Mumbai Metropolitan Region in Maharashtra, and Agra in Uttar Pradesh.

Notably, Torrent Power boasts one of the lowest Transmission and Distribution (T&D) losses in its licensed areas, positioning it as a strong player in the energy sector.

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