Torrent Power Commits INR 64,000 Crores for Renewable Energy and Green Ammonia Projects at RE-Invest 2024 The first pledge outlines Torrent Power's plan to install 10 gigawatts (GW) of renewable energy (RE) capacity by 2030, backed by an investment of INR 57,000 crore
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Torrent Power Limited, a key player in India's energy sector, announced a commitment to renewable energy and green hydrogen initiatives, with investments exceeding INR 64,000 crore, at the 4th edition of RE-Invest in Gandhinagar. The company submitted two 'Shapath Patras' (pledge letters) to the Ministry of New and Renewable Energy, reinforcing its dedication to a sustainable, low-carbon future, as per a regulatory filing.
The first pledge outlines Torrent Power's plan to install 10 gigawatts (GW) of renewable energy (RE) capacity by 2030, backed by an investment of INR 57,000 crore. This initiative is expected to generate direct and indirect employment for around 25,000 individuals. As part of this commitment, the company inked a Memorandum of Understanding (MoU) with the Gujarat government for a 5 GW solar, wind or hybrid project in Dwarka district. This move further solidifies Gujarat's position as a renewable energy hub in India.
In a parallel effort to boost next-generation energy solutions, Torrent Power's second pledge focuses on setting up a 100,000 kilo tonnes per annum (KTPA) green ammonia production facility. This project, with an investment of INR 7,200 crore, is aimed at supporting both domestic consumption and exports. The facility is expected to generate employment for an additional 1,000 people.
Samir Mehta, chairman of Torrent Group said, "Torrent Power stands committed to contributing to the nation's RE journey. By signing two 'Shapath Patras' we have reaffirmed our long-term commitment towards a green and sustainable future. This commitment not only underscores our dedication to advancing green energy solutions but also highlights the fact that our business operations are aligned with national priorities. We thank the Government of India for its futuristic policies and creating an enabling environment to foster growth of the RE sector."
Additionally, the company has plans for energy storage solutions, identifying pumped storage project (PSP) sites to ensure reliable power delivery, with further investments of INR 25,000 to INR 35,000 crore. These projects underscore Torrent Power's pivotal role in helping India meet its target of 500 GW of renewable energy capacity by 2030, driving both economic growth and sustainability.
