Torrent Power awarded 306 MW Solar Project in Maharashtra

by Psu Connect
Date: 12-03-24

The Company has received a Letter of Award (LOA) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for the supply of 306 MW of Solar power under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarisation under PM KUSUM Scheme.

Torrent Power awarded 306 MW Solar Project in Maharashtra

New Delhi: Torrent Power Limited has emerged as a successful bidder and received a Letter of Award from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) on March 07, 2024, for setting up 306 MW grid-connected Solar power project, at 48 distributed locations, across Nasik District, Maharashtra.

The project shall be commissioned within 18 months from the Letter of Award at an estimated cost of Rs 1,540 Crs. The tariff for the project is Rs. 3.10/kWh for 25 years. The Government of Maharashtra (GOM) seeks to ensure stable daytime electricity to agricultural consumers through decentralized solar power projects.

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To enable the development of the MSKVY 2.0 scheme, the Government of Maharashtra has taken a cluster-wise approach whereby revenue land and certain approvals are already obtained by MSAPL directly into the project SPVs. Torrent shall acquire 100% of the equity shares of Project SPV and will get Central Finance Assistance (CFA) from the Central Govt. for eligible capacity as per the terms of the PM KUSUM Scheme.

With the award of this 306 MW capacity, Torrent’s renewable capacity under construction has increased to 1.7 GW. Upon completion of these 1.7 GW projects, Torrent’s renewable capacity will increase to 3 GW in the next 18-24 months. As part of its growth strategy, the Company is also working on other Green Energy pathways of Pumped Storage Hydro and Green Hydrogen.