Torrent Power Ltd on Thursday informed that it will invest ₹1,250 crore to set up 300 megawatt (MW) solar power plant in Gujarat.
The company has signed a long-term power purchase agreement (PPA) with its Licensed Distribution Business Unit towards fulfilment of its statutory Renewable Purchase Obligation (RPO), the company informed in a statement.
To be set up at the cost of ₹1,250 crore, the project shall be commissioned within 18 months from the date of execution of the PPA, it added.
Power portfolio
The tariff for the Project is fixed at ₹2.22 per kilowatt hour (kWh) for a period of 25 years.
After foraying into renewable energy space in 2012 with about 50 MW of wind power generation capacity, Torrent Power now has an operational portfolio of 648.5 MW wind power and 138 MW of solar power. The additional 115 MW of wind power and 400 MW (including the stated project) of solar power projects are under implementation.
On Friday, Torrent Power shares gained over 2 per cent to trade at ₹393 on the National Stock Exchange.