Torrent Power Secures 450 MW Wind-Solar Hybrid Project

Torrent Power Secures 450 MW Wind-Solar Hybrid Project

Torrent Power, a Gujarat power company has announced it has secured 300 MW power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW through an auction. Further, the company also stated that it won the auction after quoting Rs 3.65/kWh

The tender for 300 MW of power supply, with a greenshoe option of 150 MW, was announced in January this year by the company’s subsidiary Torrent Power Distribution. The tender mandated that the chosen projects incorporate a 2:1 ratio of wind to solar technologies. Furthermore, Torrent Power will have to commission the projects within 24 months of the PPA. As a minimum of 50% annual capacity utilization factor (CUF) must be maintained throughout the PPA tenure.

In February, Torrent Group announced that it received a letter of Intent from PFC Consulting Limited for the establishment of an inter-state transmission scheme for the project in Maharashtra.

Earlier this year, Torrent Power inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen, and electricity distribution. Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandum of Understanding (MoUs) with the government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit. It seeks to draw investments in the renewable energy industry and facilitate the accomplishment of the objective of generating 100 GW of total renewable energy capacity by 2030, with investments amounting to around INR 5 lakh crores. The policy will make use of roughly 4,00,000 acres of land.

Last year, the Gujarat government has introduced the Gujarat Renewable Energy Policy-2023, with the goal of generating 50% of power from renewable sources by 2030. The policy aims to attract approximately Rs 5 lakh crore in investment and harness 36 GW of solar and 143 GW of wind capacity.