Torrent Power announced securing a contract from Maharashtra State Electricity Distribution Co Ltd to establish 306 MW solar projects valued at Rs 1,540 crore under the PM-KUSUM Scheme. The company stated that the LOA for the project was presented by Maharashtra Deputy Chief Minister Devendra Fadnavis.
Torrent Power is one of India’s leading power utility companies, with a strong presence in the generation, transmission, and distribution of electricity. Founded in 2006, the company has established itself as a key player in the Indian power sector, serving millions of customers across several states. The company is known for its commitment to providing reliable and affordable electricity, leveraging advanced technologies and sustainable practices.
The company’s portfolio includes thermal, solar, and wind power plants, ensuring a diverse and environmentally friendly energy mix. With a focus on innovation and customer satisfaction, Torrent Power continues to drive growth and development in the Indian power industry.
“Torrent Power has been selected as the successful bidder and has been issued the Letter of Award by Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) on March 7, 2024, for the establishment of a 306 MW grid-connected solar power project, spanning 48 different locations, throughout Nasik District, Maharashtra,” the statement mentioned.
The implementation of feeder level solarisation, a project spearheaded by MSEB Solar Agro Power Ltd (MSAPL) as part of the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0) scheme, is set to commence within 18 months, with an estimated investment of Rs 1,540 crore.
Under Component C of the PM-KUSUM scheme, this initiative aims to connect to the distribution network, offering a tariff of Rs 3.10/kWh over a 25-year period. Torrent’s renewable capacity, currently under construction, will increase to 1.7 GW with the award of the 306 MW capacity.
Upon completion, Torrent’s total renewable capacity will reach 3 GW within the next 18-24 months. The Maharashtra government’s objective is to provide stable daytime electricity to agricultural consumers through decentralized solar power projects.
To facilitate the MSKVY 2.0 scheme’s development, the Maharashtra government has adopted a cluster-wise approach, obtaining revenue land and necessary approvals directly by MSAPL into the Project SPVs. Torrent will acquire full equity shares of the Project SPV and will receive CFA from the Central government for eligible capacity, in accordance with the PM KUSUM Scheme’s terms.
