The Torrent group plans to incur a capex of ₹1.1 lakh crore on its energy businesses over the next eight years, a senior official at Torrent Power said during a panel discussion at State Bank of India’s banking conclave. Over 63 per cent of that is earmarked for the renewable energy space.
The planned capex will be invested across Torrent Power and Torrent Gas, Jinal Mehta, Vice President, Torrent Power, told businessline on the sidelines of the event. Of the total, around ₹70,000 crore would be spent on expanding its renewables portfolio.
“We have ambitious plans to contribute to the country’s goals around both renewables and energy storage,” Mehta said during the panel discussion. The immediate plan is to get to 10 GW of renewable energy by 2030 from 1.5 GW now and get to 5GW of energy storage solutions in the same time frame.
Torrent Power’s operations span the entire energy supply chain right from thermal generation, power distribution to renewables and storage solutions. At the end of September it had an aggregate installed generation capacity of 4,580 MW comprising 2,730 MW of gas-based capacity, 1,488 MW of renewable capacity and 362 MW of coal-based capacity. Further, renewable projects of 2,979 MW are under development. Total generation capacity, including projects under development, is 7,559 MW.
Under Torrent Gas it is engaged in city gas distribution. Torrent Power is the country’s largest power distribution company in the private sector while Torrent Gas is the third largest gas distribution company.
“Even within our distribution business there will be opportunities to contribute to energy transition through smart metres, increased penetration of rooftop solar and that’s where we intend to play on the energy side,” Mehta added.
He affirmed that the group was confident of its abilities in the energy space and intended to be a much larger player on renewables and deepening its presence in distribution. “We want to be a energy solutions provider, and storage is an important key aspect to become a solutions provider and that’s where our focus will be,” he said.
Mehta also confirmed to businessline that Torrent Gas would go in for a public listing, but did not give any details.