Stock Report

Torrent's RE Growth continues with award of 100 MW RE-RTC Power

Posted On : 2024-03-01 17:49:45( TIMEZONE : IST )

Torrent's RE Growth continues with award of 100 MW RE-RTC Power

Torrent Power Limited has emerged as the successful bidder and has received Letter of Award from Railway Energy Management Company Limited (REMCL) on 29th Feb 2024 for setting up of grid-connected renewable power projects, with or without storage, for supply of 100 MW Round-The-Clock power.

Project shall be commissioned within 24 months from the signing of Power Purchase Agreement. The project cost is approx. ₹ 2,700 Crore for installing about 325 MW of renewable capacity for supply of 100 MW RE-RTC power. The tender requires to maintain minimum annual Capacity Utilisation Factor of 75% in the first 3 years and 85% from 4th year onwards. The tariff for the project is ₹ 4.25 / Kwh for the period of 25 years.

Torrent is strategically focusing on Renewables for increasing its generation capacity in line with its sustainability commitments and the Government's aim to achieve 500 GW of nonfossil fuel capacity by 2030. The Company is conscious of its impact on the environment and is actively scouting for both organic and inorganic opportunities in the renewable sector in order to reduce its carbon footprint. With a balanced Wind and Solar portfolio, it is also working on other Green Energy pathways of Pumped Hydro and Green Hydrogen.

Shares of Torrent Power Limited was last trading in BSE at Rs. 1116.65 as compared to the previous close of Rs. 1079.60. The total number of shares traded during the day was 39466 in over 2208 trades.

The stock hit an intraday high of Rs. 1138.95 and intraday low of 1091.40. The net turnover during the day was Rs. 44047639.00.

Source : Equity Bulls


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