Torrent Power, which had closed yesterday at Rs.611.65, opened itself higher today at Rs.634.35 and went on to hit a new 52-week high at Rs.666.
The high came on news that it has signed an MoU with Maharashtra government to construct hydro projects worth Rs.27,000 crore.
It’s a total of three projects for Pumped Storage Hydro units, with a capacity of 5,700 MW and to be executed over 5 years.
The three sites for the project are already identified - Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District.
All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis.
Torrent Power currently has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW). It also has Renewable capacity of 0.7 GW under development. Torrent’s growth focus in Power Generation remains on Renewables. To complement its growing portfolio of renewables and distribution, Torrent is strategically entering the storage space to fulfill the void left in the grid by intermittent renewable power.