01 Apr , 2024 By : Debdeep Gupta
Torrent Power's share price gained more than 6 percent in the early trade on April 1 after the company bagged a 150-MW wind-solar hybrid project from its distribution unit.
At 9:29 am, Torrent Power was quoting at Rs 1,441.00, up Rs 86.25, or 6.37 percent, on the BSE.
"..... has received Letter of Award from Torrent Power Limited-Distribution Unit for setting up of 150 MW (RE Power) Grid-Connected Wind Solar Hybrid Projects under Greenshoe option," the company said in its press release.
The project cost is Rs 1,825 crore and shall be commissioned within 24 months from the Power Purchase Agreement (PPA). The contract period shall be 25 years from the commissioning of the project.
The annual Capacity Utilization Factor (CUF) shall not be less than 50 percent for any of the years during the term of the PPA & rated power capacity of wind and solar shall be in the ratio of 2:1.
To meet the 50 percent CUF requirement, the company plans to install 245 MW of wind and solar capacity against the contracted capacity of 150 MW, the company added.
In another development, about a dispute arising out of the power purchase agreements dated May 23, 2018, executed between Torrent Power (TPL) and Solar Energy Corporation of India Limited (SECI) for the release of performance bank guarantees, the Central Electricity Regulatory Commission on March 28 said SECI was not required to release the performance bank guarantees, amounting to Rs 60,06,00,000 and Rs 39,90,00,000, submitted by TPL.
On March 16, the company received LoA from Torrent Power Limited-Distribution Unit for setting up of 300 MW (RE Power) GridConnected Wind Solar Hybrid Projects worth Rs 3,650 crore.
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