REInvest: Torrent Power pledges ₹64,000cr investment in renewable energy projects
Torrent Power, a prominent player in the utilities sector, has pledged an investment of over ₹64,000 crore toward renewable energy projects by 2030. This commitment was made at the REInvest 2024 renewable energy summit held in Gandhinagar, Gujarat today. The company's investment is expected to create over 26,000 jobs, and significantly boost India's green energy sector.
Torrent Power's commitment to renewable energy projects
At the 4th Global Renewable Energy Investors Meet & Expo (REInvest 2024), Torrent Power submitted a 'Shapath Patra.' The company plans to establish renewable energy projects with a capacity of 10GW by 2030, requiring an investment of ₹57,000 crore. Additionally, it intends to build a green ammonia production facility with an annual capacity of one lakh KTPA, at an estimated cost of ₹7,200 crore.
Torrent Power signs MoU for hybrid project in Gujarat
Torrent Power has also signed a Memorandum of Understanding (MoU) for a 5GW solar, wind, or solar-wind hybrid project in Gujarat's Dwarka. This move is part of the company's broader strategy to expand its presence in the renewable energy sector. The Indian government has been encouraging state governments and companies to make firm commitments toward renewable energy goals, and attract investment from potential investors.
