Torrent Power, the integrated power utility under the diversified Torrent Group, has unveiled ambitious plans for a total investment of INR 47,350 crore (approximately $5.7 billion) across renewable energy, green hydrogen, and power distribution in Gujarat.
The announcement comes as Torrent Power signed four non-binding Memorandums of Understanding (MoUs) with the Government of Gujarat, marking a significant commitment to the state’s energy transformation.
The MoUs, inked during the 10th edition of the Vibrant Gujarat Global Summit, solidify Torrent Power’s dedication to aligning its strategies with national priorities. Torrent Group Chairman, Samir Mehta, emphasized the company’s commitment to contributing to nation-building by directing investments towards key areas that echo the nation’s needs.
The proposed investment outlines Torrent Power’s multifaceted approach, covering renewable energy generation, pump storage hydro projects, and the burgeoning fields of green hydrogen and green ammonia production. These sectors are integral components of Torrent Power’s strategy to diversify its portfolio and actively participate in shaping the future of sustainable energy.
As part of its expansion into these promising sectors, Torrent Power introduced a new wholly-owned subsidiary named Torrent PSH 2 (TPSH2). The subsidiary is poised to engage in a spectrum of activities, including the generation, transmission, and distribution of power, encompassing conventional, nonconventional, renewable, green, and hydro power.
While TPSH2 is still in the early stages and is yet to commence business operations, its creation underscores Torrent Power’s forward-looking approach to embrace diverse energy sources and storage technologies.
Torrent Power, with its presence across the entire power value chain, from generation to distribution, is gearing up for a paradigm shift. The company, known for its portfolio of coal-based, gas-based, and renewable power plants, is set to prioritize the renewable energy segment alongside its core business of transmission and distribution.
In the renewable energy segment, Torrent Power aims to achieve substantial growth through a combination of inorganic acquisitions and greenfield projects. The company has set an ambitious target of reaching about 5 GW of renewable energy capacity in the next three to five years. This strategic pivot aligns Torrent Power with the broader global trend of transitioning towards cleaner and sustainable energy solutions.
