Torrent Power Share Price The project costs Rs 1,825 crore and will be commissioned within 24 months of the Power Purchase Agreement.
The company has received a letter of award from Torrent Power Limited-Distribution Unit to establish 150 MW (RE Power) grid-connected wind and solar hybrid projects through the Greenshoe option. The project will be commissioned within 24 months of the power purchase agreement, and the term will last 25 years.
Torrent Power’s share price rose more than 6% in early trading on April 1 after the business secured a 150-MW wind solar hybrid project from its distribution unit.
At 9:29am, Torrent Power was trading 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,” according to a news release issued by the business.
The project costs Rs 1,825 crore and will be completed within 24 months of the Power Purchase Agreement (PPA). The contract length will be 25 years from the project’s commissioning.
The annual Capacity Utilization Factor (CUF) shall not be less than 50% for any year throughout the life of the PPA, and the rated power capacity of wind and solar shall be 2:1.
The company aims to install 245 MW of wind and solar capacity to achieve the 50% CUF requirement, compared to the contracted capacity of 150 MW, it noted.
In another development, in relation to the 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 stated on March 28 that 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 a letter of authorization from Torrent Power Limited-Distribution Unit to develop 300 MW (RE Power) GridConnected Wind Solar Hybrid Projects for Rs 3,650 crore.
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