Torrent Power Rallies on Gujarat's Rs 47,350 Cr Energy Contracts

Torrent Power has entered into four non-binding memorandums of understanding (MoUs) with the Gujarat government, representing a proposed investment of Rs 47,350 crore in various energy sectors. These agreements, signed during the 10th edition of the Vibrant Gujarat Global Summit, outline the company's plans to invest in renewable energy, green hydrogen production, and power distribution projects, aiming to bolster the state's development and generate employment.

The MoUs detail specific commitments, including the establishment of 3,450 megawatts (MW) of solar power projects and 1,045 MW of hybrid power projects, alongside the infrastructure development for a 7,000-MW solar park. Additionally, the company intends to set up a green hydrogen/green ammonia production facility with a capacity of 100 KTPA. The surge in Torrent Power's shares, which rose by over 13% following the announcement, reflects investor confidence in the company's expansion plans within these high-potential sectors.