Shares of Torrent Power rallied 14% and hit a 52-week high of Rs 1,071.95 after the company announced signing four contracts with the Government of Gujarat for a total of Rs 47,350 crore.

In its filing, the company said that it has signed four MoUs (memorandum of understanding), where the company will invest Rs 47,350 crore in renewable energy, green hydrogen, and power distribution projects.

The company signed the contract with the Department of Energy and Petrochemicals, Government of Gujarat, as a part of the investment promotion activity for Vibrant Gujarat Global Summit 2024.

Torrent Group Chairman Samir Mehta said, “Torrent Power intends to make a significant portion of its future investments across key national priorities of renewable generation, pump storage hydro projects, green hydrogen / green ammonia production and power distribution.”

The first MoU entails setting up 3,450 megawatts of solar power projects and 1,045 megawatts of Hybrid power projects that are to be set up in Jamnagar, Surendranagar, Banaskantha, and Patan districts for a total proposed investment of Rs 30,350 crore.

The second MoU is for investing Rs 4,500 crore for developing the infrastructure of a solar park for a 7,000 megawatt solar power project that is to be set up in the Banaskantha district.

The third MoU is for Rs 7,200 crore to set up a Green Hydrogen/Green Ammonia production facility that will have a capacity of 100 kilotonnes per annum that will be set up in the Banaskantha / Dahej district.

The fourth MoU is for a total investment of Rs 5,000 crore in the company’s distribution business in the cities of Surat, Dahej SEZ, Ahmedabad, Gandhinagar, and Mandal Becharaji SIR.

At 1:07 pm, the shares of Torrent Power were trading 8.97% higher at Rs 1,029 on NSE.