On September 17, Torrent Power Ltd was awarded a Letter of Intent (LOI) by Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), securing a noteworthy contract for a pumped hydro storage project with a capacity of 1,500 MW.
After Torrent Power's triumphant bid, the LOI indicates that MSEDCL aims to acquire 1,500 MW of storage capacity for energy through a project utilizing pumped hydro.
According to a statement, issuance of the comprehensive Letter of Award will be subject to approval from Maharashtra Electricity Regulatory Commission (MERC) and aligned with the tariff specified in the tender document.
As a means to bolster their energy storage capabilities, Torrent Power has included the pumped hydro storage initiative in its overall plan. This endeavor will provide MSEDCL with power for 40 years.
Under the terms of the Pumped Hydro Energy Storage Facility Agreement (PHESFA), Torrent Power has committed to delivering a contracted capacity of 1,500 MW and discharge capabilities for eight hours per day. The agreement also stipulates that maximum continuous discharges should not exceed five consecutive hours.
Aligning with the rising demand for dependable energy storage solutions due to the increased usage of solar and wind power, Torrent Power has identified several potential locations in various states for pumped hydro storage projects. The company intends to establish a capacity between 5-8 GW by investing Rs.25,000-35,000 crore into these ventures.
Torrent Power, a prominent Indian power sector company belonging to the Torrent Group worth Rs.41,000 crore and having a market capitalisation of Rs.27,183 crore. It is involved in every aspect of the power value chain starting from generation to transmission and distribution.
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