Torrent Power, a unit of Torrent Group, has received a contract from the Maharashtra government to supply 2,000 MW of energy storage capacity. Amidst this news, a rise was seen in the shares of Torrent Power. On Tuesday, the stock rose by more than one percent to reach Rs 1822.35. At the end of trading, the share price was Rs 1817.15. Let us tell you that this stock has given multibagger returns within a period of one year. The share price in October 2023 was at Rs 692. At the same time, on September 18, 2024, the share had reached the level of Rs 1,969.95.
what is the new update
Now Torrent Power has said on the new order that the 2,000 MW capacity includes the 1,500 MW order received last month. For this, Maharashtra State Electricity Distribution Company Limited (MSEDCL) had issued a letter of intent on September 17. Apart from this, the company has received an order for supply of 500 MW capacity under tender. This takes the total supply order to 2,000 MW capacity.
What did the company say
Torrent Power said it has received a contract from Maharashtra State Electricity Distribution Company Limited for long-term supply of 2,000 MW energy storage capacity from its pumped hydro storage plant connected to INSTS (Integrated System of Transmission and Storage). MSEDCL will purchase energy storage from pumped hydro storage connected to Torrent Power’s INSTS for a period of 40 years. The company plans to supply storage capacity from its upcoming storage plant in Maharashtra.
Plan to expand to other states
Torrent Power said that in view of the growing need for energy storage solutions, it has also identified Pumped Storage Project (PSP) sites in several other states. The company has already announced plans to set up about five to eight gigawatt PSP capacity with an investment of Rs 25,000 to Rs 35,000 crore. Torrent Power is operating in the power generation, transmission and distribution sectors. The total installed power generation capacity of the company is 4.4 gigawatt (GWP).
