Torrent Power to Invest Over Rs 64,000 Crore in Renewable Energy Projects at RE-Invest 2024
New Delhi [India], September 16: Torrent Power Limited, part of the Torrent Group, has committed to investing over Rs 64,000 crore in renewable energy projects at ‘RE-Invest 2024’ in Gandhinagar. This investment is expected to create potential employment for 26,000 people.
In its filing, the company stated that it has submitted two ‘Shapath Patras’ to the Union Ministry of New and Renewable Energy. The first ‘Shapath Patra’ aims to achieve 10 gigawatts (GW) of installed renewable energy capacity by 2030, with an investment of Rs 57,000 crore, generating employment for around 25,000 people.
As part of these commitments, Torrent Power has signed a Memorandum of Understanding (MoU) with the Government of Gujarat for a 5 GW solar, wind, or solar-wind hybrid project in Dwarka District, Gujarat.
The second ‘Shapath Patra’ involves setting up a 1,00,000 Kilo Tonnes Per Annum (KTPA) green ammonia production facility with an investment of Rs 7,200 crore, creating employment for around 1,000 people.
Samir Mehta, Chairman of Torrent Group, said, “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.”
Torrent Power has also identified Pumped Storage Project (PSP) sites in multiple states and plans to install about 5 to 8 GW of PSP capacity, with an investment of Rs 25,000 to Rs 35,000 crore.
Torrent Power, a Rs 27,183-crore integrated power utility of the Rs 41,000-crore Torrent Group, is one of the largest companies in India’s power sector, involved in generation, transmission, and distribution.
Doubts Revealed
Torrent Power -: Torrent Power is a company in India that provides electricity to homes and businesses. They are working on projects to create energy from natural sources like the sun and wind.
Rs 64,000 crore -: Rs 64,000 crore is a very large amount of money. In India, ‘crore’ is a term used to represent ten million. So, Rs 64,000 crore means 640 billion rupees.
Renewable energy -: Renewable energy comes from natural sources that can be replenished, like sunlight, wind, and water. It is better for the environment compared to energy from fossil fuels like coal and oil.
RE-Invest 2024 -: RE-Invest 2024 is an event where companies and governments come together to discuss and plan investments in renewable energy. It will be held in Gandhinagar, a city in Gujarat, India.
10 GW -: GW stands for gigawatt, which is a unit of power. One gigawatt is equal to one billion watts. Torrent Power aims to produce 10 gigawatts of renewable energy by 2030.
Green ammonia -: Green ammonia is a type of ammonia produced using renewable energy. Ammonia is a chemical used in fertilizers and other products, and making it with renewable energy helps reduce pollution.
MoU -: MoU stands for Memorandum of Understanding. It is an agreement between two parties, in this case, Torrent Power and the Government of Gujarat, to work together on a project.
Gujarat -: Gujarat is a state in western India. It is known for its strong economy and is a leader in renewable energy projects.
5 GW solar, wind, or hybrid project -: This means Torrent Power plans to create a project that can produce 5 gigawatts of energy using either solar power, wind power, or a combination of both (hybrid).