Torrent Power to invest in renewable energy and pump storage in Madhya Pradesh

The company has signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) to bring significant investments in these sectors.

"We have signed an MoU currently with the MNRE where we are committed to bringing investments specifically in the sectors of pump storage, pump hydro pump storage, and also in renewables," Jigesh Mehta of Torrent Power stated.

"So renewable, we are contemplating to do around 1 gigawatt of solar and 1 GW of wind, and we are also really looking at the pump solar sector because MP has a very rich potential in all these sectors," he added.

Torrent Power currently has a presence in the pharmaceutical sector in Madhya Pradesh with a plant in Pithampur and a small renewable capacity. However, with favourable policies emerging, the company has reassessed its strategy and identified sites for potential investments.

Mehta emphasized that the company has been evaluating investment opportunities in the state for the past 1.5 to two years, aligning with evolving policy frameworks.

The company is also open to investing in green ammonia and green hydrogen but will base its commitments on demand. "Green hydrogen and ammonia are areas of interest, but we will prioritize demand-driven investments. If entities like BPCL issue tenders for green hydrogen, that would be an interesting avenue for us," Mehta added.

Torrent Power is considering multiple sectors for expansion, including hybrid solar, storage-based solutions, and pump storage. "These are already commercially viable sectors with substantial demand, and we are keenly exploring them," Mehta said.

Although Torrent Power does not have a large footprint in Madhya Pradesh's energy sector, the company aims to establish a strong presence.

"We don't have a large presence in Madhya Pradesh in the power sector energy sector, and that is one of the major reasons that we want to come into the energy sector. New thermal capacity is also another area which is of interest to us," Mehta noted.

Regarding nuclear energy, Mehta said it has potential but pointed out that policies are still in the formative stages.

"I think nuclear is a very nascent stage at present because still government policies are being formed. So based on how the government policies are formed, the sector will be looked at by us."

Torrent Power currently operates 1.7 GW of capacity and is in the process of adding another 3 GW. Of this, more than 50 per cent--or over 2.5 GW--is in solar energy, either installed or under installation. "Solar energy has matured, and we continue to invest wherever opportunities arise," Mehta stated. (ANI)