Torrent Power to pour USD 7.6bn into renewables, green ammonia

Indian power utility Torrent Power Ltd (BOM:532779) has committed to investing more than INR 640 billion (USD 7.63bn/EUR 6.86bn) to reach 10 GW of renewable power generation capacity and set up a hub to produce green ammonia at home.

The company unveiled its ambitious plan at the fourth edition of the Global RE-INVEST Renewable Energy Investors Meet & Expo in Gandhinagar, India, it said in a bourse filing on Monday.

Do you know we have a daily hydrogen newsletter? Subscribe here for free!

Torrent Power’s plan envisages spending some INR 570 billion to install new renewable power plants and achieve the 10-GW goal by the end of the decade. In line with the initiative, the utility has sealed a Memorandum of Understanding (MoU) with the government of Gujarat to construct a huge park that will add 5 GW of wind or solar power capacity, or both. The complex will be located in the Dwarka district of the western Indian state.

Torrent Power’s spending plan also includes an investment of INR 72 billion to set up a green ammonia production facility with an annual output of 100,000 tonnes. This plan will be executed under the company’s strategy to expand in the green hydrogen sector and cater to the export and domestic markets.

Currently, Torrent Power has a power generation fleet of 4.4 GWp, of which 1.3 GWp are renewable energy assets. An additional 3.1 GWp of renewables projects are under development, it said.

(INR 10 = USD 0.119/EUR 0.107)