Shares of Torrent Power Ltd were trading 4% higher on 18 September after the company announced securing a letter of intent for a 1,500 megawatt (MW) pumped hydro storage project (PSP) from Maharashtra State Electricity Distribution Co. Ltd.

In its regulatory filing, the company said, “Torrent Power has emerged as a successful bidder and has received Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for procurement of 1,500 MW/ 12,000 MWh Energy Storage Capacity from Pumped Hydro Storage Project.”

MSEDCL will issue a distilled letter of award to the company after obtaining necessary approval from the Maharashtra Electricity Regulatory Commission (MERC) in terms of the tender document on the quoted tariff. 

The company will supply the storage capacity from its upcoming pumped hydro storage plant, which is being constructed in Raigad, Maharashtra. 

The company will provide MSEDCL with a contracted capacity of 1,500 MW capable of scheduled discharge for 8 hours (with a maximum continuous 5 hours) per day under the terms of the pumped hydro energy storage facility agreement (PHESFA).

MSEDCL is required to supply the input energy needed for charging.

Earlier on Monday, the company signed a Memorandum of Understanding with the Government of Gujarat for the execution of a 5 GM solar, wind, or solar-wind hybrid project at Dwarka District in the State of Gujarat.

At 12:42 pm, the shares of Torrent Power were trading 4.18% higher at Rs 1,854.62 on NSE. 

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