Torrent Power Ltd will set up a 306 MW grid-connected solar power project at 48 locations across Nasik district in Maharashtra at a cost of ₹1,540 crore.
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The company received a Letter of Award for the project from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) on March 7, it said in an official release. The project is conceived by MSEB Solar Agro Power Ltd (MSAPL) under the MSKVY 2.0 scheme for implementation of feeder-level solarization under Component C of the PM-KUSUM scheme connected to the distribution network.
The company is expected to commission the project in 18 months. The tariff for the project is Rs 3.10/kWh for a period of 25 years.
The Maharashtra Government seeks to ensure stable daytime electricity to agriculture consumers through decentralisued solar power projects. To enable the development of the MSKVY 2.0 scheme, the state has taken a cluster-wise approach, whereby, revenue land and certain approvals are already obtained by MSAPL directly. Torrent will acquire 100 per cent of the equity shares of the Project SPV and will get Central Finance Assistance (CFA) from the Centre for eligible capacity as per the terms of the PM KUSUM scheme, the company added.
With the award of this 306 MW capacity, Torrent’s renewable capacity under construction has increased to 1.7 GW. Upon completion of these projects, Torrent’s renewable capacity will increase to 3 GW in the next 18-24 months.