Torrent Power secures Rs 1,540 crore contract for 306 MW solar project in Maharashtra – EQ
In Short : Torrent Power has secured a contract worth Rs 1,540 crore for a 306 MW solar project in Maharashtra. This project aligns with India’s commitment to expanding its renewable energy capacity and reducing carbon emissions. The development of large-scale solar projects contributes to the country’s clean energy goals and promotes sustainable practices in the power sector.
In Detail : Torrent is poised to acquire 100% equity shares of the Project SPV.
Torrent Power secures a significant milestone, clinching a contract worth Rs 1,540 crore to develop a 306 MW solar project in Maharashtra. Under the PM-KUSUM Scheme, the project will be spread across 48 distributed locations in Nasik District, Maharashtra, enhancing the state’s solar power capacity. The initiative, spearheaded by MSEB Solar Agro Power Ltd (MSAPL) as part of the MSKVY 2.0 scheme, aims to solarize feeder-level distribution networks, ensuring stable daytime electricity for agricultural consumers.
This achievement underscores Torrent Power’s commitment to renewable energy expansion, with its construction portfolio now reaching 1.7 GW. Upon completion, the company’s total renewable capacity is set to surge to 3 GW within the next 18-24 months. The project, slated for commissioning in 18 months, offers a tariff of Rs 3.10/kWh for a duration of 25 years, further enhancing Torrent’s position in India’s renewable energy landscape.
The Maharashtra government’s cluster-wise approach and support for MSKVY 2.0 scheme facilitate streamlined project development, with Torrent poised to acquire 100% equity shares of the Project SPV. This strategic move aligns with the government’s vision for sustainable energy growth and decentralised power generation, ushering in a brighter, greener future for Maharashtra.
