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The company will develop three pumped storage hydro projects of 5,700 MW capacity. The projects would entail an investment of about Rs 27,000 crore and would provide employment to approximately 13,500 people during the construction period. Torrent intends to execute these projects over a period of 5 years.
The projects would be executed at three sites identified by Torrent namely Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District. All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis.
The company stated that pumped storage hydro is a much superior solution than battery for energy storage as it is cheaper, has longer life of 40 years, provides longer duration storage of 6 to 10 hours with feasibility of multiple cycle operations during the day.
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
Torrent Power posted consolidated net profit of Rs 483.93 crore in Q4 FY23 as against net loss of Rs 487.37 crore posted in Q4 FY22. Revenue from operations surged 61.28% year on year to Rs 6,037.87 crore in the quarter ended 31 March 2023.
The scrip hit an all time high of Rs 666 in intraday today.
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