Torrent Power soars on getting LoI for 1,500 MW Pumped Hydro Storage project
Torrent Power is currently trading at Rs. 1825.00, up by 45.05 points or 2.53% from its previous closing of Rs. 1779.95 on the BSE.
The scrip opened at Rs. 1834.00 and has touched a high and low of Rs. 1873.20 and Rs. 1812.70 respectively. So far 26984 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1906.55 on 31-Jul-2024 and a 52 week low of Rs. 692.00 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 1900.70 and Rs. 1700.35 respectively. The current market cap of the company is Rs. 85547.38 crore.
The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.42% and 17.01% respectively.
Torrent Power has emerged as a successful bidder and has received Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. (MSEDCL) on September 17, 2024 for procurement of 1,500 MW/ 12,000 MWh Energy Storage Capacity from Pumped Hydro Storage Project. Detailed Letter of Award will be issued by MSEDCL upon obtaining necessary approval from Maharashtra Electricity Regulatory Commission (MERC) in terms of the tender document on the quoted tariff.
MSEDCL will procure energy storage capacity of 1,500 MW from pumped hydro storage project for a period of 40 years. The Company plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad District, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the Company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL.
Increased penetration of Solar and Wind in electricity generation will create need for energy storage solutions for providing firm, reliable and dispatchable RE power. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The Company has already announced that it intends to install about 5 to 8 GW of PSP capacity entailing investment of Rs 25,000 to Rs 35,000 crore. As part of its growth strategy, the Company is also working on other Green Energy pathways like Green Hydrogen and Green Ammonia Production projects. Torrent continues with its commitment of increasing sustainable generation and contributing meaningfully to the country’s ambitious renewable targets.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
