Torrent Power promises Rs 7,200 crore for green hydrogen

Torrent Power Ltd, a leading renewable energy conglomerate, has announced a major investment of Rs 7,200 crore to enter the green hydrogen and ammonia production sectors. This move is part of its broader strategy, with projects worth Rs 57,000 crore aimed at reaching 10 gigawatts (GW) of renewable energy capacity by 2030.

During the RE-Invest 2023 summit in Gandhinagar, Torrent Power signed MoU with the Gujarat state government for the development of 5 GW of solar, wind, or solar-wind hybrid projects in Dwarka district.

The Ahmedabad-based utility plans to develop a green hydrogen and green ammonia project to serve both domestic and export markets. The green hydrogen initiative is expected to generate around 1,000 direct and indirect jobs, in addition to the 25,000 jobs projected from its renewable energy expansion.

In a parallel effort, the company is working on a pumped storage power project with a capacity of 5-8 GW, requiring an investment of Rs 25,000 to Rs 35,000 crore.

Torrent Group Chairman Samir Mehta said, “As one of the largest private sector power utilities in India, Torrent Power is dedicated to advancing the nation’s renewable energy goals. By signing two ‘Shapath Patras,’ we reaffirm our long-term commitment to a green and sustainable future. We thank the Government of India for its forward-thinking policies that enable the growth of the renewable energy sector.”

Torrent Power, with a market cap of Rs 27,183 crore, is part of the Rs 41,000-crore Torrent Group, which spans pharmaceuticals and energy infrastructure.

The company has installed a generation capacity of 4.4 GW, including 2.7 GW of gas-based power, 1.3 GWp of renewable energy, and 362 MW of coal-based capacity. With 3.1 GW under development, the company’s total generation capacity, including projects in advanced stages, will reach 7.5 GW.

Torrent Power enjoys a healthy balance sheet and the company is confident to contribute to the India’s target of 500 GW renewable capacity by 2030. Torrent Group claims to be one of the largest companies in the power sector in the country which has presence across the entire power value chain – generation, transmission and distribution.