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Torrent Power has secured a 40-year deal with MSEDCL for 2,000 MW energy storage capacity. This major contract will generate annual revenue of ₹1,680 crore, enhancing the company’s growing renewable energy profile.
Torrent Power Ltd has been awarded a significant energy storage contract from Maharashtra State Electricity Distribution Company Ltd (MSEDCL). The company received a letter of award (LoA) on October 8, 2024, for the long-term supply of 2,000 MW energy storage capacity. The storage capacity will come from Torrent Power's upcoming InSTS Connected Pumped Hydro Storage Plant in Maharashtra.
The energy storage capacity secured by Torrent Power includes 1,500 MW, for which MSEDCL issued a letter of intent earlier on 17 September 2024. The additional allotment of 500 MW has brought the total capacity to 2,000 MW under the tender agreement.
This project will provide a contracted energy storage capacity of 2,000 MW, capable of supplying scheduled discharge for up to 8 hours per day. Torrent Power’s storage facility will discharge energy continuously for a maximum of 5 hours per day, while MSEDCL will supply the energy required for charging.
The long-term deal with MSEDCL, spanning 40 years, is expected to generate an annual revenue of ₹1,680 crore for Torrent Power. This revenue growth is expected to bolster the company's position in the renewable energy sector, while also adding to its storage capabilities.
As of June 30, 2024, Torrent Power had a total installed generation capacity of 4.4 GWp, including 2.7 GW of gas-based capacity, 1.3 GWp of renewable capacity, and 362 MW of coal-based capacity. The company also has renewable projects totalling 3.1 GWp under development, further enhancing its green energy footprint.
This major award for energy storage comes at a time when the company is strengthening its renewable energy portfolio and aligning with India’s shift towards sustainable energy solutions.
The allotment of 2,000 MW energy storage from MSEDCL marks a significant milestone for Torrent Power, reflecting the company’s commitment to sustainable energy. This will likely positively impact the Torrent Power share price, given the long-term revenue outlook.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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