Torrent Power rallied 5.91% to Rs 1,924.60 after the company announced that it has received letter of award from Maharashtra State Electricity Distribution Company (MSEDCL) for supplying 2,000 Megawatt (MW) energy storage capacity.
In an exchange filing, the company said that contract entails 2,000 MW capacity is inclusive of 1,500 MW capacity for which a letter of intent was already issued by MSEDCL on 17 September, 2024.The company has now received an allotment of an additional 500 MW capacity under the tender taking the total capacity allocated to 2,000 MW.
MSEDCL will procure energy storage capacity from Torrent Powers InSTS connected pumped hydro storage for 40 years. The company plans to supply the storage capacity from its upcoming InSTS connected pumped hydro storage pumped hydro storage plant being set up in Maharashtra.
Total capacity is to be commissioned within 48 months from the signing of energy storage facility agreement. The total annual revenue is Rs 1,680 crore.
Under the Energy Storage Facility Agreement (ESFA) will see MSEDCL procuring storage capacity from the plant, capable of a scheduled discharge of 8 hours per day, with a maximum continuous supply of 5 hours.
Meanwhile, the company has signed share subscription and shareholders agreement with The Lakshmi Mills Company (TLMCL) and Torrent Urja 17 for supply of power from renewable energy sources of 8.5 MWp Solar Power through open access from the Project of TU17 to the production units of TLMCL
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
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The companys consolidated net profit jumped 87.96% to Rs 972.24 crore in Q1 FY25 as against with Rs 517.27 crore posted in Q1 FY24. Revenue from operations grew by 23.28% year on year to Rs 9,033.73 crore in the quarter ended 30 June 2024.
The counter hit all-time high of Rs 1,983.70 in intraday today.
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