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Torrent Powers Share Price: Shares of Torrent Powers rose by more than 9 percent today. The company has received a major contract from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for long-term supply of 2,000 MW of energy storage. After this news, its shares rose by more than 9% to Rs 1,985 during trading today. MSEDCL had earlier submitted a letter of intent to it for 1,500 MW on September 17, 2024, the company said in a filing to the stock exchanges. Whereas now an additional 500 MW has been allocated under such tender, taking the total capacity to 2,000 MW.
Torrent Power said it will supply this energy from its new ISTS-connected pumped hydro storage plant, which will be set up in Maharashtra. This agreement will last for 40 years. Under this, Torrent Power has to supply energy to MSEDCL for 8 hours every day. Whereas the maximum continuous supply will be 5 hours. The plant located in Maharashtra will use the input energy provided by MSEDCL for charging.
Torrent Power's total installed generation capacity as of the June quarter was 4.4 GWp, including gas-fired, renewable and coal-fired power. Additionally, the company has 3.1 GWp of renewable projects still under development.