Torrent Power has announced its commitment of investing over Rs.64,000 crore in building capacities for green energy.
In a release, Torrent Power said that it has submitted two promissory deeds to the Union ministry of new & renewable energy (MNRE) at the ongoing “RE-Invest” event (4th edition, Gandhinagar, Gujarat) on September 16, 2024.
RE capacity
The company submitted the first deed, promising to achieve 10 GW of installed renewable energy (RE) capacity by 2030, with an investment of Rs.57,000 crore. This investment is expected to generate direct and indirect employment for around 25,000 people, a release by Torrent Power said.
As part of these commitments, Torrent Power, on September 16, 2024 itself, signed an MoU with the Gujarat government for execution of 5 GW solar, wind or solar-wind hybrid project in Dwarka district of the state.
Green hydrogen
The second promissory deed was submitted for setting up a 1,00,000-KTPA (kilo tonnes per annum) green ammonia production facility with an investment of Rs.7,200 crore, envisaging employment generation for around 1,000 people.
For next generation energy reforms, green hydrogen is an important element, which is slated to play a critical role in achieving net-zero emissions and decarbonizing hard-to-abate sectors. Torrent Power is actively pursuing opportunities to develop green hydrogen and green ammonia production projects to cater to the export and domestic markets, the release said.
Pumped storage
Independent of the two commitments discussed above, Torrent Power has already identified Pumped Storage Project (PSP) sites in multiple states. The company has announced that intends to install about 5 GW to 8 GW of PSP capacity entailing investment of Rs.25,000 to Rs.35,000 crore. Increased penetration of solar and wind in electricity generation will create need for energy storage solutions for providing firm, reliable and dispatchable RE power, the release noted.
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Featured photograph shows Torrent Power’s 50-MW solar power plant at Telangana
