Torrent Power Pledges ₹64,000 Crore Investment in Renewable Energy at RE-Invest 2024

Torrent Power has made a significant commitment to India's renewable energy sector, pledging an investment of ₹64,000 crore during the RE-Invest 2024 event in Gandhinagar on September 16, 2024. The investment, aimed at expanding its renewable energy portfolio, is set to generate employment for approximately 26,000 people.

Torrent Power’s Renewable Energy Goals

The company submitted two "shapath patras" (pledge documents) to the Ministry of New and Renewable Energy, outlining its ambitious targets:

• 10 GW Renewable Energy Capacity by 2030: Torrent Power plans to achieve 10 gigawatts (GW) of installed renewable energy capacity by 2030. This will require an investment of ₹57,000 crore and is expected to create around 25,000 jobs.
• Green Ammonia Production Facility: The second pledge involves the establishment of a green ammonia production facility with a capacity of 1 lakh kilotonnes per annum. The project will require an investment of ₹7,200 crore, generating around 1,000 jobs.

Partnership with the Gujarat Government

Torrent Power also signed a Memorandum of Understanding (MoU) with the Gujarat government to develop a 5 GW solar, wind, or hybrid renewable energy project in Dwarka district. This project is expected to be a major step towards achieving the company’s renewable energy goals.

Green Hydrogen and Ammonia Initiatives

In addition to renewable energy generation, Torrent Power is exploring opportunities in the green hydrogen and green ammonia sectors. The company aims to serve both domestic and export markets, further contributing to India’s green energy transition.

A Strong Commitment to Sustainability

Samir Mehta, Chairman of Torrent Power, reaffirmed the company's dedication to a sustainable future. "By signing two 'shapath patras,' we have reaffirmed our long-term commitment towards a green and sustainable future. This commitment not only underscores our dedication to advancing green energy solutions but also highlights the alignment of our business operations with national priorities," Mehta said.

Stock Performance

Following the announcement, Torrent Power’s stock was trading 0.77% higher at ₹1,776.6 per share at 11:40 AM on Monday, September 16, 2024. The stock has shown a remarkable performance, gaining 49.32% in the last six months and 145.78% over the past year.

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Torrent Power’s massive investment in renewable energy at RE-Invest 2024 reflects the company's strategic focus on green energy and sustainability. With its commitment to expanding renewable energy capacity and exploring green hydrogen and ammonia projects, Torrent Power is poised to play a key role in India’s clean energy future.

Source: CNBC-TV18