Torrent Power announced that it has made its foray into power transmission segment by bagging a project for the evacuation of power from renewable energy projects in Solapur, Maharashtra.
In an exchange filing, the company said, Torrent Power has emerged as the successful bidder and has received letter of intent from PFC Consulting for establishment of inter-state transmission scheme transmission system for evacuation of power from RE projects in Solapur (1,500 MW) SEZ in Maharashtra under tariff based competitive bidding (TBCB) process.
The power utility firm stated that the project has been conceived to evacuate renewable energy with a capacity of 1,500 MW from Solapur and entails the setting up of a transmission line of approximately 44 kms from existing Solapur substation of Power Grid Corporation Of India (PGCIL) to Solapur substation (to be established by Torrent Power).
The annual transmission charges of the project are Rs 50 crore, and the company will build this project on a BOOT basis (build own operate transfer) and operate it for 35 years. The project is expected to be commissioned in 24 months,
In due course, PFC consulting will transfer the project special purpose vehicle (SPV) to Torrent Power, it added.
While Torrent Power owns and operates transmission projects; the award of this project marks Torrent Powers foray into the development of transmission projects under the TBCB framework.
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Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
The companys consolidated net profit declined 47.4% to Rs 359.83 crore on 1.2% decrease in net sales to Rs 6,366.09 crore in Q3 FY24 over Q3 FY23.
The scrip declined 1.89% to Rs 1,130.20 on the BSE.
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