The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar on 3 January 2023. Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crore.

One of the four MoUs comprises of 3,450 MWs of Solar Power Projects & 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 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).

Meanwhile, Torrent Power informed that it has incorporated a wholly owned subsidiary named, Torrent PSH 1 with object to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export, storage of power or otherwise deal in all forms of conventional, nonconventional, renewable, green, hydro power, or any other sources of energy or power including electrical power and energy and pumped storage, battery storage or any other combination of storage technologies in all aspects.

Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.

The consolidated net profit rose 9.18% to Rs 525.89 crore on 3.8% increase in net sales to Rs 6,960.92 crore in Q2 FY24 over Q2 FY23.