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Torrent Power secures PPA for 300 MW solar capacity in India

From pv magazine India

Gujarat-based Torrent Power, the integrated power utility of the Torrent Group, has announced it has secured a 25-year power purchase agreement (PPA) for 300 MW of solar capacity that it will build in Gujarat.

Under the PPA, the company will supply the electricity produced from the plant to its licensed distribution business unit at a price of INR 2.22/kWh ($0.03/kWh).

The project is estimated to cost INR 1,250 crore ($167 million) and is scheduled to be commissioned within 18 months from the PPA date.

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Torrent Power is one of the largest companies in the country’s power sector, with a presence across the entire power value chain – generation, transmission, and distribution. It has an installed renewable power capacity of 786.5 MW (comprising 648.5 MW of operational wind power capacity and 138 MW of solar power), in addition to 2,730 MW of gas-based capacity and 362 MW of coal-based capacity. Further, it has an under-development RE portfolio comprising 115 MW of wind power capacity and 400 MW of solar power (including the 300 MW capacity for which it recently signed the PPA).

For the quarter ended December 31, 2020, the company reported a significant increase in profitability after the pandemic-hit first half of FY2020-21. It attributed improved results to a marked improvement in collection efficiency in the franchised distribution business; an increase in contribution from renewable generation due to capacity addition; and a decrease in interest cost, both due to lower debt and reduction in interest rates.

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Source: pv magazine