Torrent Power shares soar 7% on winning Rs 3,650-crore wind-solar projects

The project, which has a cost of Rs 3,650 crore, will be commissioned within 24 months from the power purchase agreement

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Shares of Torrent Power soared nearly 7 percent in the opening trade on March 18 after the company bagged a letter of award for setting up 300 MW win solar hybrid projects.

At 9.42 am, Torrent Power was trading at Rs 1,226.60 on the NSE.

The project will have a tariff of Rs 3.65/kwh, with a contract period spanning 25 years. The project was awarded by Torrent Power’s distribution unit.

The project, which has a cost of Rs 3,650 crore, will be commissioned within 24 months from the power purchase agreement (PPA).

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The annual capacity utilisation factor (CUF) shall not be less than 50 percent for any of the year during the term of the PPA and the 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 480 MW of wind and solar capacity against contracted capacity of 300 MW,” the company stated.

Last week, the company bagged a solar project worth Rs 1,540. The order win had lifted shares of the company to a 52-week high of Rs 1,287.50.

The letter of award (LoA) was awarded by the Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 306 MW solar power under Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder level solarisation under PM KUSUM Scheme.

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