Torrent Power Wins 2,000 MW Energy Storage Contract In Maharashtra
Torrent Power Ltd. received a letter of award from the Maharashtra State Electricity Distribution Company Ltd. for the long-term supply of 2,000 megawatt energy storage capacity.
Under this arrangement, Torrent Power will provide energy storage capacity from its upcoming hydro storage plant located in Maharashtra, according to an exchange filing. The contract is set for a duration of 40 years, the filing said.
The company aims to establish between 5 to 8 GW of pumped storage capacity, with a projected investment ranging from Rs 25,000 to Rs 35,000 crore. The expected annual revenue from the contract is estimated to be Rs 1,680 crore, as indicated by the filing.
Torrent Power has also recently been part of transactions with Gujarat Urja Vikas Nigam Ltd., which acquired a 7.28% equity stake in the company. This acquisition involved the purchase of 3.5 crore shares through off-market transactions on September 25, as reported in Torrent's exchange filing. The financial details of the deal remained undisclosed.
Gujarat Urja Vikas Nigam Ltd. focuses on the bulk purchase and sale of electricity and oversees the operations of its six subsidiary companies across Gujarat, boasting a total installed capacity of 19.65 gigawatts.
Additionally, the Gujarat government holds a 1.47% equity stake in Torrent Power, while the Gujarat State Financial Services Ltd. owns 9.75%.
Shares of the company fell as much as 2.54% to Rs 1,753.70 apiece, the highest level since September 16. It pared losses to close 1.03% higher at Rs 1,817.95 apiece, compared to a 0.88% advance in the NSE Nifty 50 Index.
The stock has risen 94.53% on a year-to-date basis. Total traded volume in the day stood at 0.45 times its 30-day average. The relative strength index was at 50.57.
Out of 11 analysts tracking the company, four maintain a 'buy' rating, three recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 15%.
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