Torrent Group to invest Rs 1.1 lakh-cr on RE, storage expansion – EQ
In Short : Torrent Group will invest ₹1.1 lakh crore to expand its renewable energy and energy storage capacities. The investment will focus on increasing solar and wind power generation, along with enhancing energy storage solutions to improve grid reliability. This initiative supports India’s clean energy transition and contributes to achieving the country’s renewable energy targets and sustainability goals.
In Detail : Torrent Power has outlined a capital expenditure (capex) plan of Rs 1.1 lakh crore for its energy businesses over the next eight years, with a focus on renewable energy and energy storage. Over 63 percent of the total investment will be allocated to the renewable energy sector, reflecting the company’s commitment to India’s clean energy transition.
Vice President of Torrent Power, Jinal Mehta, shared these insights during a panel discussion at the State Bank of India’s banking conclave, emphasising the Group’s goals of increasing its RE capacity and storage solutions. He highlighted the company’s strategic focus on energy transition opportunities within its distribution business, including smart meters and rooftop solar installations, as it will complement its RE push.
The company intends to ramp up its renewable energy portfolio to 10 GW by 2030, up from the current 1.5 GW, and to develop five GW of energy storage capacity by the same year.
Torrent Power, as of September, 2024 had an installed generation capacity of 4,580 MW, consisting of 2,730 MW from gas-based plants, 1,488 MW from renewables, and 362 MW from coal. In addition, the company is working on renewable projects totaling 2,979 MW, bringing its future total generation capacity to 7,559 MW.
