Torrent Power surged 6.85% to Rs 1,240.30 after receiving letter of award from the company's distribution unit for setting up of 300 MW (RE Power) grid-connected wind solar hybrid projects.
The cost of the project stood at Rs 3,650 crore and it will be commissioned within 24 months from power purchase agreement (PPA).
The project will have a tariff of Rs 3.65 kilowatthour (kWh) and the contract period will be 25 years from the commissioning of the project.
The annual capacity utilization factor (CUF) shall not be less than 50% for any of the year during the term of the PPA & rated power capacity of wind and solar will be in ratio of 2:1, the company stated in the press release.
For meeting the 50% CUF requirement, the company plans to install 480 MW of wind and solar capacity against contracted capacity of 300 MW, it added.
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.
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