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Torrent Power invests Rs 72 billion in green hydrogen and ammonia projects
Industry News- Sep 18,24
Torrent Power is also pursuing a pumped storage power project with a capacity of 5-8 GW, requiring an investment of Rs 250 to Rs 350 billion.
Torrent Power Ltd has announced a major push into green hydrogen and ammonia production, committing Rs 72 billion to the initiative. This investment is part of a broader strategy that includes projects totalling Rs 570 billion aimed at achieving 10 gigawatts of renewable energy (RE) capacity by 2030.
The Ahmedabad-based utility's green hydrogen and ammonia project will serve both domestic and international markets, expected to create around 1,000 direct and indirect jobs. This addition complements the 25,000 jobs anticipated from the RE capacity expansion. Torrent Power is also pursuing a pumped storage power project with a capacity of 5-8 GW, requiring an investment of Rs 250 to Rs 350 billion.
At the RE-Invest 2024 event in Gandhinagar, Torrent Power signed a memorandum of understanding (MoU) with the Gujarat government to develop 5 GW of solar, wind, or solar-wind hybrid projects in Dwarka district.
Samir Mehta, Chairman, Torrent Group highlighted the company's commitment to advancing green energy solutions, aligning its operations with national priorities. He expressed gratitude for the Government of India's supportive policies that foster the growth of the renewable energy sector.
Part of the Rs 410 billion Torrent Group, which spans pharmaceuticals to infrastructure, Torrent Power operates with a total installed generation capacity of 4.4 GW. This includes 2.7 GW of gas-based capacity, 1.3 GW of renewable energy, and 362 MW of coal-based capacity, with 3.1 GW under development. Including projects in advanced stages, the total generation capacity reaches 7.5 GW.
The company serves nearly 30 billion units to over 4 million customers across cities in Gujarat, Maharashtra, and Uttar Pradesh.
(TOI)
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