Mumbai: Torrent Power Ltd has emerged as a successful bidder and set up a 306 MW grid-connected solar power project at 48 locations across Nasik in Maharashtra at a cost of Rs 1,540 crore.
Torrent Power Ltd has also received Letter of Award from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) for the same.
The LoA was handed over by Deputy Chief Minister Devendra Fadnavis, who also holds the Power portfolio.
The project is conceived by MSEB Solar Agro Power Limited (MSAPL) under MSKVY 2.0 scheme for implementation of feeder level solarization under Component C of PM-KUSUM scheme connected to the distribution network.
The project will be commissioned within 18 months from the LoA at an estimated cost of Rs 1,540 crore. The tariff for the project is Rs. 3.10 per kWh for the period of 25 years.
"The Government of Maharashtra seeks to ensure stable daytime electricity to agriculture consumers through decentralized solar power projects. To enable the development of the MSKVY 2.0 scheme, GOM 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 per cent of the equity shares of the Project SPV and will get the Central Finance Assistance (CFA) from Central Govt. for eligible capacity as per the terms of the PM KUSUM Scheme,” Torrent Power Ltd said.
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.
(Published 07 March 2024, 16:36 IST)
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