Torrent Power Limited, the integrated power utility of diversified Torrent Group, on Monday announced that it will invest ₹64,000 crore in green energy projects and generate 26,000 new jobs.
In two Shapath Patras to the Union Ministry of New and Renewable Energy, Government of India at the 4th Edition of RE-Invest at Gandhinagar, the company stated that it will achieve 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with an investment of ₹57,000 Crores. This investment is expected to generate direct and indirect employment for around 25,000 people.
As part of these commitments, Torrent Power on Monday signed a Memorandum of Understanding (MoU) with Government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka District in the State of Gujarat.
The second ‘Shapath Patra’ was submitted for setting up 1,00,000 Kilo Tonnes Per Annum (KTPA) Green Ammonia production facility with an investment of ₹7,200 Crores and employment generation for around 1,000 people.
Samir Mehta, Chairman of Torrent Group stated, “As one of India’s largest private sector power utilities, Torrent Power stands committed to contributing to the nation’s RE journey.
“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 fact that our business operations are aligned with national priorities. We thank the Government of India for its futuristic policies and creating enabling environment to foster growth of the RE sector.”
Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The Company has already announced that intends to install about 5 to 8 GW of PSP capacity entailing investment of ₹25,000 to ₹35,000 Crores.