Torrent Power has signed an agreement with the Maharashtra government to embark on three pumped storage hydro projects. These projects, located in Karjat, Maval, and Junnar, will have a combined capacity of 5,700 MW and require an estimated investment of around Rs 27,000 crores.
The company plans to complete the projects within five years, generating approximately 13,500 job opportunities. The strategic design of the projects will enable a minimum of six hours of energy storage per day.
Torrent Power currently has an installed generation capacity of 4.1 GW, with a significant portion sourced from clean energy such as gas and renewables. They are also actively expanding their renewable capacity by an additional 0.7 GW.
Recognizing the growing need for energy storage due to the increasing presence of renewable power in the grid, Torrent Power aims to address power distribution gaps and ensure efficient energy management.
In the previous fiscal year, the company achieved significant milestones, including the integration of five acquisitions and investments totalling Rs 2,938 crore in capital expenditure.