Aiming for 10GW capacity by 2030, Torrent Power has pledged over ₹640 billion for renewable energy projects in Gujarat, eyeing to create approximately 26,000 jobs in India.
On Monday, Torrent Power Limited, a subsidiary of the Torrent Group, pledged an investment exceeding ₹640 billion in renewable energy projects during the ‘RE-Invest 2024’ event in Gandhinagar. According to the company, the investment is expected to create jobs for 26,000 individuals.
In its exchange filing, Torrent Power noted that it had presented two pledges or ‘Shapath Patras’ to the Union Ministry of New and Renewable Energy during the 4th Edition of RE-Invest.
According to the first pledge, the company aims to reach 10 gigawatts (GW) of installed renewable energy capacity by 2030, backed by an investment of ₹570 billion. As stated in the filing, this investment is projected to create direct and indirect employment for approximately 25,000 individuals.
As part of these commitments, Torrent Power has entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to implement a 5 GW solar, wind, or solar-wind hybrid project in Dwarka District, Gujarat.
The second pledge was submitted for establishing a green ammonia production facility with a 100,000 Kilo Tonnes Per Annum (KTPA) capacity. This project involves an investment of ₹72 billion and is expected to create around 1,000 jobs, as noted in the filing.
Commenting on the investments, Samir Mehta, Chairman of Torrent Group, emphasised the company’s focus on green energy solutions and aligns with national priorities, while also acknowledging the Government of India’s supportive policies for the renewable energy sector.
According to the filing, Torrent Power has pinpointed sites for Pumped Storage Projects (PSP) across several states. The company plans to install approximately 5 to 8 GW of PSP capacity, with an investment ranging from ₹250 to ₹350 billion.
Torrent Power, a ₹271.83 billion integrated power utility of the ₹410 billion Torrent Group, claims to be one of the largest firms in India’s power sector. It operates across the entire power value chain, including generation, transmission, and distribution.
