Torrent Power said on Thursday that subsidiary Torrent Green Energy Pvt. received a bid for a 300-megawatt wind power project.
The project, set at a tariff of Rs 3.97 per unit, will be commissioned within 24 months after the execution of the power purchase agreement. The estimated investment for this initiative amounted to approximately Rs 2,650 crore.
Torrent Green Energy Pvt., a wholly owned subsidiary, bagged a letter of award from Solar Energy Corp. on June 11 to develop the 300 MW wind power project under Wind Tranche-XVIII.
This development increases Torrent's renewable capacity under construction to 3.3 GWp.
Shares of Torrent Power closed 2.34% lower at Rs 1,398.90 apiece on the National Stock Exchange, compared to a 1.01% lower in the benchmark Nifty. The stock has fallen 13.06% in the last 12 months.
Out of the 10 analysts tracking the company, three have a 'buy' rating on the stock, three recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 2.1%.
(With PTI Inputs)
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