Torrent Power's Ambitious Plans for Renewable Energy Expansion and Green Hydrogen Production
Key Ideas
- Torrent Power aims to achieve 10 GW of renewable energy capacity by 2030 with a significant investment, creating employment for 25,000 people.
- The company plans to set up a green ammonia production facility and is actively pursuing opportunities in green hydrogen production for both domestic and export markets.
- Torrent Power signed an MoU with the Government of Gujarat for a 5 GW solar, wind, or solar-wind hybrid project, furthering their commitment to green energy solutions.
- Identifying the need for energy storage, the company has plans for Pumped Storage Projects in multiple states with an investment of ₹25,000-35,000 crore.
Torrent Power, a part of the Torrent Group, has outlined ambitious plans for renewable energy expansion and green hydrogen production. The company aims to achieve 10 gigawatts (GW) of installed renewable energy capacity by 2030, along with setting up a green ammonia production facility. This initiative is backed by a substantial investment of ₹57,000 crore and is expected to generate employment for around 25,000 people. Torrent Power emphasizes the importance of green hydrogen in the energy sector's future, highlighting its role in achieving net-zero emissions and decarbonizing hard-to-abate sectors. The company is actively exploring opportunities in green hydrogen and green ammonia projects for both domestic and export markets.
In collaboration with the Government of Gujarat, Torrent Power has signed an MoU for a large-scale solar, wind, or solar-wind hybrid project in Dwarka district. This agreement reinforces the company's dedication to contributing to India's renewable energy journey. Additionally, Torrent Power recognizes the need for energy storage solutions due to the increased penetration of solar and wind energy in electricity generation. They have identified Pumped Storage Project (PSP) sites in various states and plan to invest ₹25,000-35,000 crore in 5 to 8 GW of PSP capacity.
With India targeting 500 GW of renewable energy capacity by 2030, Torrent Power's commitment to sustainability and green energy solutions aligns with national priorities. The company, with an integrated power utility presence across generation, transmission, and distribution, is a key player in the Indian power sector. Torrent Power serves millions of customers in multiple cities and regions, emphasizing its significant role in the country's energy landscape.
Topics
Investing
Renewable Energy
Sustainability
Investment
Energy Storage
Employment
Government Collaboration
Green Ammonia
Power Utility
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