Governor Of Gujarat & LIC-Backed Power Company Signs MoU for 5,600 MW Pumped Storage Projects in Maharashtra

The stock gave multibagger returns of 150 per cent 1 year whereas BSE Sensex Index is up by 25.5 per cent.

Torrent Power Limited has entered into a Memorandum of Understanding (MoU) with the Department of Water Resources, Government of Maharashtra, for the establishment of Pumped Storage projects with a total capacity of 5,600 MW. These projects are expected to employ approximately 13,500 people during the construction period and will be executed for 5 years.

The need for energy storage solutions has become increasingly apparent with the growing share of intermittent renewable power in the grid. Pumped Storage Hydro (PSH) offers a proven and cost-effective technology for firm, flexible, and dispatchable power. Unlike batteries, PSH has a longer lifespan, provides longer duration storage and is more economical.

Torrent Power, with its existing generation capacity of 4.1 GW, including a significant portion from clean sources, is strategically entering the storage space to complement its growing portfolio of renewables. This move aligns with Torrent's commitment to sustainable energy and its aim to address the challenges posed by intermittent renewable power. As one of India's leading power companies, Torrent Power's foray into Pumped Storage projects further strengthens its position in the energy sector.

About the Company

Torrent Power Ltd is a leading integrated power utility company in India with a presence across the generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.

Talking about the financials, the company is Mid-Cap with a market cap of over Rs 83,000 crore and has been maintaining a healthy dividend payout of 65.4 per cent. Torrent Power, with a turnover of Rs 25,694 crore (approx. USD 3 billion) is the integrated power utility of the diversified Torrent Group with group revenues of Rs 37,500 crore (approx. USD 4.50 billion). It is one of the largest companies in the Country’s power sector with a presence across the entire power value chain of generation, transmission, and distribution. The stock gave multibagger returns of 150 per cent 1 year whereas BSE Sensex Index is up by 25.5 per cent.

Disclaimer: The article is for informational purposes only and not investment advice. 

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