🌞 Torrent Power Share Price Soars with Solar Project Contract from MSEDCL 🌞
Torrent Power has secured a contract from Maharashtra State Electricity Distribution Company Limited (MSEDCL) to establish a 306 megawatt solar project. The project, under the PM-KUSUM scheme, has a cost of ₹1,540 crore. The company has delivered a strong return of 120% in just one year.
According to exchange filings, Maharashtra’s Deputy Chief Minister Devendra Fadnavis has awarded the project with a letter of appreciation. Torrent Power has emerged as a successful bidder for the project, which involves setting up solar energy plants connected to a 306 MW grid at 48 distribution locations in Nashik district on March 7.
The project is part of the PM KUSUM scheme component-C for implementation of solar energy projects at feeder level under the Chief Minister’s Solar Agricultural Feeder Scheme 2.0 by MSEDCL Solar Agro Power Limited. The estimated cost of the project is ₹1,540 crore and is expected to be operational within 18 months with a tariff rate of ₹3.10 per kWh for a period of 25 years.
With the award of this project, Torrent’s renewable energy capacity has increased to 1.7 gigawatts. Upon completion of the project, the company’s total renewable capacity will increase to 3 gigawatts within the next 18 to 24 months.
Shares of Torrent Power have provided good returns to shareholders, with the stock up over 20% year-to-date and a 59% return in the past 6 months. The stock has a 52-week high of ₹1,235.10 and a low of ₹485. The company’s market capitalization stands at ₹54,965.74 crore, with the share closing at ₹1,143.65 on March 7, down 1.52%.
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