Torrent Power Secures ₹1,540-Crore Bid for 306 MW Solar Power Project in Maharashtra

Torrent Power Ltd is poised to embark on an ambitious endeavor, as it prepares to establish a 306 MW grid-connected solar power project spanning 48 locations throughout Nasik district in Maharashtra. The project, valued at ₹1,540 crore, received a resounding vote of confidence through the issuance of a Letter of Award from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) on March 7, as confirmed by an official release from the company.

Under the auspices of MSEB Solar Agro Power Ltd (MSAPL), the project falls within the purview of the MSKVY 2.0 scheme, specifically designed for the implementation of feeder-level solarization under Component C of the PM-KUSUM scheme, intricately linked to the distribution network. Torrent Power Ltd anticipates completing the project within a commendable timeframe of 18 months, offering a tariff of Rs 3.10/kWh for a duration of 25 years.

The Maharashtra Government's vision to ensure consistent daytime electricity supply to agricultural consumers via decentralized solar power projects forms the cornerstone of this initiative. To facilitate the implementation of the MSKVY 2.0 scheme, the state has adopted a cluster-wise approach, streamlining land acquisition and requisite approvals through MSAPL. Torrent Power Ltd is set to acquire 100 per cent equity shares of the Project SPV, positioning itself to benefit from Central Finance Assistance (CFA) in alignment with the terms outlined in the PM KUSUM scheme.

This landmark achievement propels Torrent Power Ltd's renewable capacity under construction to a commendable 1.7 GW. Upon successful completion of these ventures, Torrent's renewable capacity is poised to soar to an impressive 3 GW within the forthcoming 18-24 months, cementing its status as a pivotal player in India's renewable energy landscape.

HBL