Torrent Power Ltd. signed a Memorandum of Understanding with the government of Maharashtra for development of three pumped storage hydro projects of 5,700 MW capacity.
The projects will entail an investment of about Rs 27,000 crore and would provide employment to approximately 13,500 people during the construction period.
Torrent intends to execute these projects over a period of five years, according to an exchange notification.
The projects will be executed at three sites—Karjat in Raigarh district, as well as Maval and Junnar in Pune district. These projects are planned to provide a minimum of six hours of energy storage on a daily basis.
“Pumped storage hydro is an established, proven and cost-effective technology for longer duration storage solution,” the company statement said.
The company is strategically entering the storage space to fulfill the void left in the grid by intermittent renewable power.
Torrent Power, which is the renewable energy arm of the Torrent Group, has a market capitalisation of Rs 29,322.43 crore, with a turnover of Rs 2.98 crore, according to the Bombay Stock Exchange.
The shares of the company closed at Rs 612.2 apiece and rose as much as 4.49% intraday.
Of the 11 analysts tracking the company, five suggest a ‘buy' rating, four recommend a ‘hold' and two maintain a ‘sell', according to Bloomberg data.
The S&P BSE Sensex ended 5 points, or 0.01%, higher at 62,792.88, while the NSE Nifty 50 gained 5 points, or 0.03%, to close at 18,599.90.
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