Torrent Power added 3.35% to Rs 1839.65 after the company announced that it has emerged as a successful bidder and has received letter of intent (LOI) for a pump storage project from MSEDCL.
The Maharashtra State Electricity Distribution Company (MSEDCL) will procure energy storage capacity of 1,500 MW from pumped hydro storage project for a period of 40 years.
Increased penetration of Solar and Wind in electricity generation will create need for energy storage solutions for providing firm, reliable and dispatchable RE power. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states.
The company plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad District, Maharashtra.
Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL.
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
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.
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