On June 7, Torrent Power’s share price rose 9% in early trade as the firm signed a Memorandum of Understanding (MoU) with the Maharashtra Government for three pumped storage hydro projects.

Torrent Power signed an (MoU) for the progress of three pumped storage hydro schemes of 5,700 MW capacity in Maharashtra. The projects would involve an investment of about Rs 27,000 crore, employing around 13,500 people during the construction time. Torrent aims to execute these projects over 5 years period.

The projects would be implemented at three sites acknowledged by Torrent, namely Karjat (3,000 MW) in Raigarh District, Maval (1,200 MW), and Junnar (1,500 MW) in Pune District of Maharashtra.

All the pre-determined sites are off-stream, and the projects are deliberate to provide a minimum of six hours of energy storage daily.

At 9:28 am, Torrent Power was trading at Rs 659.70, up Rs 48.05, or 7.86% and touched a 52-week high of Rs 666 on the Bombay Stock Exchange.