Torrent Power commits Rs 64,000 cr investment for green projects

New Delhi: Torrent Power announced a commitment of Rs 64,000 crore for green energy projects that could create jobs for 26,000 individuals. The integrated power utility of diversified Torrent Group, Torrent Power Ltd, has restated its dedication to a green and sustainable future by presenting two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the 4th Edition of RE-Invest in Gandhinagar on Monday, as per a statement from the company.

The Ministry of New and Renewable Energy is teaming up with CII to organize RE-INVEST. As per the announcement, the company has presented a 'Shapath Patra' for reaching 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with a total investment of Rs 57,000 crore. It is anticipated that this investment will create jobs for approximately 25,000 individuals, both directly and indirectly. To fulfill these promises, Torrent Power agreed on Monday to a Memorandum of Understanding (MoU) with the Gujarat government for implementing a 5 GW solar, wind, or solar-wind hybrid project in Dwarka, Gujarat.

Green Hydrogen is expected to have a crucial role in achieving net-zero emissions and decarbonizing difficult-to-abate sectors in the upcoming energy reforms for the next generation. Torrent Power is currently seeking chances to create projects for Green Hydrogen and Green Ammonia Production in order to serve both international and local markets. The second pledge was made for establishing a Green Ammonia production facility of 1,00,000 KTPA, costing Rs 7,200 crore and creating jobs for about 1,000 individuals. Samir Mehta, Chairman of Torrent Group, stated that Torrent Power, one of the biggest private sector power utilities in India, is dedicated to supporting the country's renewable energy (RE) journey. This dedication shows our commitment to promoting eco-friendly energy solutions and demonstrates that our business practices are in line with it.

Torrent Power has a proven history of effectively launching and running extensive infrastructure projects. Having a solid financial position, the company is in a good position to play a significant role in achieving the country's goal of reaching 500 GW of renewable capacity by 2030. Torrent Group is one of the biggest companies in the power sector in the country, operating in all aspects of the power value chain including generation, transmission and distribution.