Torrent Power secures Rs 1,540-crore contract for 306 MW solar project in Maharashtra

Torrent Power is tasked with commissioning the solar project within a timeline of 18 months from the date of the LOA. (Representative Image)

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Torrent Power Limited announced on March 7 that it has been awarded a Letter of Award (LOA) from Maharashtra State Electricity Distribution Co Limited (MSEDCL) for the establishment of a 306 MW Grid-Connected Solar PV Project in Nasik District, Maharashtra.

Torrent Power is tasked with commissioning the solar project within a timeline of 18 months from the date of the LOA. The project's estimated cost is Rs 1,540 crore.

Maharashtra State Electricity Distribution Co Limited will procure power from the project as part of the Mukhya Mantri Saur Krushi Vahini Yojana 2.0, a program designed for the solarization of feeder levels under Component C of the PM KUSUM Scheme.

A dedicated SPV named MSKVY Ninth Solar SPV Limited has been formed in collaboration with MSEB Solar Agro Power Limited (MSAPL), to facilitate the project's development. Torrent Power is required to acquire 100% of the equity shares of the Project SPV.

The power utility company stated that MSAPL has identified suitable revenue land parcels and obtained necessary permissions in the name of the Project SPV.

On Thursday, Torrent Power's scrip on BSE closed trading 1.7% lower at Rs 1,142.