Torrent Power commits to Rs 64,000 crore investment in renewables by 2030

The company also signed an MoU for a 5 GW solar, wind or solar-wind hybrid project at Gujarat's Dwarka District.

Utility player Torrent Power has committed to an investment of over Rs 64,000 crore by 2030 at the renewable energy summit RE-Invest, in Gandhinagar on September 16, potentially generating employment for over 26,000 people.

The company submitted a ‘Shapath Patra’ at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024), to install 10 GW of renewable energy projects by 2030 at an investment of Rs 57,000 crore. Torrent Power will also set up a 1 lakh KTPA Green Ammonia production facility at an investment of Rs 7,200 crore.

"By signing two ‘Shapath Patras’ we have reaffirmed our long-term commitment towards a green and sustainable future," said Samir Mehta, Chairman of Torrent Group.

Torrent's ‘Shapath Patra’ said the 10 GW of installed renewable power capacity plan alone is expected to generate direct and indirect employment for around 25,000 people.

The company also signed an MoU for a 5 GW solar, wind or solar-wind hybrid project at Gujarat's Dwarka District. Green Hydrogen is expected to play a critical role in net-zero emissions and decarbonizing industries.

Shares of Torrent Power are higher by 90 percent so far this year.

Higher solar and wind power capacity will also create need for energy storage solutions, said Torrent Power, adding that it has identified Pumped Storage Project (PSP) sites in multiple states. Torrent Group has already announced plans to install 5-8 GW of PSP capacity at an investment of Rs 25,000-35,000 crore.

Centre has sought firm commitments from State governments as well as companies, in terms of specifying plans and targets relating to renewable energy, and proposed funding from investors.