Torrent Power has won a 306-mw distributed grid-connected solar power project in Maharashtra.
In a stock exchange communication, Torrent Power said that it has emerged as a successful bidder and has received the letter of award from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) on March 07, 2024 for setting up of a 306-mw grid-connected solar power project, at 48 distributed locations, across Nasik district, Maharashtra.
The project has been conceived by MSEB Solar Agro Power Ltd (MSAPL) under MSKVY 2.0 [Mukhyamantri Saur Krishi Vahini Yojana] scheme for implementation of feeder level solarization under “Component C” of PM-KUSUM scheme connected to the distribution network.
The project is scheduled to be commissioned within 18 months from the Letter of Award at an estimated outlay of Rs.1,540 crore. The tariff for the project is Rs.3.10 per kwh for the period of 25 years.
The Government of Maharashtra (GOM) seeks to ensure stable daytime electricity to agriculture consumers through decentralized solar power projects. To enable the development of the MSKVY 2.0 scheme, the Maharashtra government has taken a cluster-wise approach whereby revenue land and certain approvals are already obtained by MSAPL directly into the project SPVs.
Torrent shall acquire 100 per cent equity of the project SPV and will get the Central Finance Assistance (CFA) for eligible capacity as per the terms of the PM KUSUM scheme.
Impact on Torrent Power’s green portfolio
Torrent continues to expand its renewables portfolio in line with its commitment to increase sustainable generation and contribute meaningfully to the country’s ambitious renewable targets. With the award of this 306 mw capacity, Torrent’s renewable capacity under construction has increased to 1.7 GW. Upon completion of these 1.7 GW projects, Torrent’s renewable capacity will increase to 3 GW in the next 18-24 months. As part of its growth strategy, the company is also working on other green energy pathways of pumped storage hydro and green hydrogen.
SJVN also awarded capacity
In an independent development, SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN Ltd, also received letters of awards for cumulative capacity of 1,352 mw under the same MSKVY 2.0 scheme. SGEL will develop its grid-connected solar projects at various locations spread over the districts of Nashik, Solapur, Ahmednagar and Pune in Maharashtra.
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