Under one of the MoUs, Torrent Power will invest $3.7bn in solar power projects and hybrid power projects across the Banaskantha, Jamnagar, Patan, and Surendranagar districts
Torrent Power announces $5.7bn renewable energy investment in Gujarat. (Credit: Maria Maltseva from Pixabay)
Torrent Power is set to invest INR473.5bn ($5.7bn) in the Indian state of Gujarat to establish 3.45GW of solar power projects, 1.045GW of hybrid power projects, a 7GW solar park, and towards other initiatives.
The Indian power utility, which is part of the Torrent Group, has signed four non-binding memorandums of understanding (MoUs) in this connection with the Gujarat government. The signing took place at the 10th edition of Vibrant Gujarat Global Summit.
Torrent Power said that the planned investments in renewable energy, green hydrogen, and power distribution are anticipated to play a substantial role in Gujarat’s development and the generation of extensive employment opportunities.
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.
“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.”
Under the first MoU, Torrent Power will invest INR306.5bn ($3.7bn) in solar power projects and hybrid power projects across the Banaskantha, Jamnagar, Patan, and Surendranagar districts.
The proposed solar park is intended to be developed in the Banaskantha district with an investment of INR45bn ($540m).
Torrent Power’s third MoU involves establishing a green hydrogen/green ammonia production facility with a capacity of 100 kilo tons per annum (KTPA). The facility is planned to be situated in Banaskantha/Dahej with a proposed investment of INR72bn ($870bn).
The fourth MoU includes an investment of INR50bn ($600m) in Torrent Power’s distribution business, covering the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR (MBSIR).