Torent Power has entered into an agreement with the Maharashtra government, to undertake three pumped storage hydro projects. The projects collectively possess a capacity of 5,700 MW, with an estimated investment of approximately Rs 27,000 crores.
The company announced that the project will be carried out at three specific locations, including Karjat (3,000 MW), Raigarh District, Maval (1,200 MW), and Junnar (1,500 MW) in Pune district. Importantly, all of these sites are located away from the main water stream. Moreover, the company aims to complete these projects within a span of 5 years, creating employment opportunities of approximately 13,500 individuals.
The projects are strategically designed to offer a minimum of six hours of energy storage each day. Currently, the company has an installed generation capacity of approximately 4.1 GW, with a significant portion coming from clean energy sources like gas (2.7 GW) and renewables (1.07 GW). The company is also actively developing an additional 0.7 GW of renewable capacity. In order to address the intermittency of renewable power and fill the gaps in the grid, Torrent Power is also venturing into the storage space.
The move comes as renewable power is rapidly increasing in the power system and, as a result, there is a growing need for energy storage to handle power distribution efficiently and to meet high levels of demand.
During FY23, Torrent Power underwent several noteworthy developments. Chairman Samir Mehta detailed that the company successfully integrated five acquisitions, including licensed distribution businesses in Daman & Diu and Dadra Nagar Haveli, as well as wind and solar power plants with a combined capacity of 156 MW and 125 MW, respectively. Throughout the year, Torrent Power invested Rs 2,938 crore in capital expenditure.
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