Torrent Power Limited, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandums of Understanding (MoUs) with the Government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit.
The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar today.
Through the four MoUs, Torrent Power has proposed total investments of ₹47,350 crore. The proposed investments are planned to be made in the areas of renewable energy, green hydrogen and power distribution and are expected to contribute significantly towards the development of the State and creation of large-scale employment opportunities.
Commenting on the development, Torrent Group Chairman Samir Mehta said:
“Torrent Group is committed to contribute towards nation-building by aligning our plans with the national priorities in the sectors where we are present. In line with this philosophy, Torrent Power intends to make a significant portion of its future investments across key national priorities of renewable generation, pump storage hydro projects, green hydrogen/green ammonia production and power distribution.”
He further added that, “It is a matter of great pride for the Torrent Group to be associated with the Vibrant Gujarat Global Summit since its first edition and contribute towards the development of the State.”
One of the four MoUs comprises of 3,450 MWs of Solar Power Projects & 1,045 MWs of Hybrid Power Projects to be set up in the districts of Banaskantha, Jamnagar, Patan and Surendranagar entailing a proposed investment of ₹30,650 crore. The second MoU entails investment of ₹4,500 crore in development of the infrastructure of a solar park for 7,000-MW Solar Power project to be set up in Banaskantha district. The third MoU is for setting up a Green Hydrogen/Green Ammonia production facility with a capacity of 100 KTPA to be set up in Banaskantha/Dahej with total proposed investment of ₹7,200 crore. The fourth and last MoU pertains to investment of ₹5,000 crore in Torrent Power’s distribution business in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Mandal Becharaji SIR (MBSIR).