Torrent Power has inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and electricity distribution.
Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandum of Understanding (MoUs) with the government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit, according to a company statement issued late in the evening on Wednesday.
The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar.
Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crores (approx USD 5.70 billion), it stated.
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.
"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," Torrent Group Chairman Samir Mehta said in the statement.
One of the four MoUs comprises of 3,450 MWs of Solar Power Projects and 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 Rs 30,650 crore.
The second MoU entails investment of Rs 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 a total proposed investment of Rs 7,200 crore.
The fourth MoU pertains to investment of Rs 5,000 crore in Torrent Power's distribution business in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Mandal Becharaji SIR (MBSIR).