Shares of Torrent Power Ltd. surged nearly 8%, reaching a day’s high of Rs 1,984.70 on 9th October, after the company announced it had received a letter of award from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the long-term supply of 2,000 MW Energy Storage Capacity from an InSTS Connected Pumped Hydro Storage Plant.

The 2,000 MW capacity includes 1,500 MW, for which MSEDCL issued a letter of intent on 17th September 2024. The company has now received an additional allotment of 500 MW, bringing the total capacity allocated to 2,000 MW.

MSEDCL will procure energy storage capacity from Torrent Power’s InSTS Connected Pumped Hydro Storage for 40 years. The company plans to supply this capacity from its upcoming pumped hydro storage plant in Maharashtra.

Under the Energy Storage Facility Agreement (ESFA), Torrent Power will provide MSEDCL with a contracted capacity of 2,000 MW, capable of scheduled discharge for 8 hours per day (with a maximum continuous discharge of 5 hours). MSEDCL will supply the input energy for charging.

As of 30th June 2024, Torrent Power has an installed generation capacity of 4.4 GWp, which includes 2.7 GW of gas-based capacity, 1.3 GWp of renewable capacity, and 362 MW of coal-based capacity. Additionally, 3.1 GWp of renewable projects are currently under development.

At 10:55 AM, the shares of Torrent Power were trading 7.18% higher at Rs 1,947 on NSE.

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