Torrent Power Secures 2,000 MW Energy Storage Deal with MSEDCL

On October 08, 2024, Torrent Power Limited, a top private power utility in India, received a letter of award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a long-term supply of 2,000 Megawatt (MW) energy storage capacity from its InSTS Connected Pumped Hydro Storage Plant. 

This total includes 1,500 MW, for which MSEDCL issued a Letter of Intent on September 17, 2024, plus an additional 500 MW capacity now allocated under the tender.

MSEDCL will purchase this energy storage capacity for 40 years. The capacity will come from Torrent Power’s new pumped hydro storage plant being developed in Maharashtra.

As per the Energy Storage Facility Agreement (ESFA), Torrent Power will provide MSEDCL with a contracted capacity of 2,000 MW, capable of discharging energy for 8 hours each day (with a maximum continuous discharge of 5 hours). MSEDCL will supply the energy needed to charge.

With the rising demand for energy storage solutions due to increased solar and wind energy generation, Torrent Power is dedicated to delivering reliable and flexible renewable energy. The company has also identified additional Pumped Storage Project (PSP) sites in several states, aiming to install 5 to 8 GW of PSP capacity, which will require an investment of ₹25,000 to ₹35,000 crore.

As part of its growth strategy, Torrent Power is also developing projects for Green Hydrogen and Green Ammonia production. The company remains committed to increasing sustainable energy generation and making a significant contribution to India’s renewable energy goals.

About Torrent Power

Torrent Power is an integrated power utility valued at ₹27,183 crore, part of the larger ₹41,000 crore Torrent Group. It is one of the largest companies in India’s power sector, involved in all aspects of the power value chain, including generation, transmission, and distribution.

On October 09, 2024, Torrent Power Ltd’s share price opened at ₹1,901.00, touching the highest price of ₹1,968.80 as of 09:38 AM. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.