Torrent Power shares up 6% on bagging Rs 1,825-crore order

Torrent Power Share Price | The project cost is Rs 1,825 crore and shall be commissioned within 24 months of the Power Purchase Agreement

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Torrent Power share price gained more than 6 percent in the early trade on April 1 after the company bagged a 150-MW wind solar hybrid project from its distribution unit.

At 9:29am, Torrent Power was quoting at Rs 1,441.00, up Rs 86.25, or 6.37 percent, on the BSE.

“….. has received Letter of Award from Torrent Power Limited-Distribution Unit for setting up of 150 MW (RE Power) Grid-Connected Wind Solar Hybrid Projects under Greenshoe option,” company said in its press release.

The project cost is Rs 1,825 crore and shall be commissioned within 24 months from Power Purchase Agreement (PPA). The contract period shall be 25 years from the commissioning of the project.

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The annual Capacity Utilization Factor (CUF) shall not be less than 50 percent for any of the year during the term of the PPA & rated power capacity of wind and solar shall be in ratio of 2:1.

For meeting the 50 percent CUF requirement, the company plans to install 245 MW of wind and solar capacity against contracted capacity of 150 MW, company added.

In an another development, in relation to dispute arising out of the power purchase agreements dated May 23, 2018 executed between Torrent Power (TPL) and Solar Energy Corporation of India Limited (SECI) for the release of performance bank guarantees, the Central Electricity Regulatory Commission on March 28 said SECI was not required to release the performance bank guarantees, amounting to Rs 60,06,00,000 and Rs 39,90,00,000, submitted by TPL.

On March 16, the company received LoA from Torrent Power Limited-Distribution Unit for setting up of 300 MW (RE Power) GridConnected Wind Solar Hybrid Projects worth Rs 3,650 crore.

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