Shares of Multibagger Power engaged in power generation, transmission and distribution rose 6 percent in the trading day as it received an award letter for establishing a 150 MW grid-connected wind-solar hybrid project with an investment of Rs. 1,825 crores.
With a market capitalization of Rs. 69,065 crore, the shares of Torrent Power Limited were trading at Rs. 1,438, an increase of 5.82 percent from the previous day's closing price of Rs. 1,357.95.
Torrent Power Limited has received a letter of award from the company's distribution unit for setting up a 150 MW grid-connected solar wind hybrid project (RE Power) under Greenshoe option with an investment of Rs 1,825 crore.
The project will be commissioned within 24 months following the signing of the power purchase contract and the term of the Contract will be 25 years from the Commissioning of the Project.
The annual CUF (Capacity Utilization Factor) shall not be less than 50 percent for any of the years during the validity of the PPA and the nominal capacity of wind and solar energy shall be in the ratio of 2:1 and to comply with the CUF of 50 percent. requirement, the Company plans to install 245 MW of wind and solar capacity against the contracted capacity of 150 MW.
Torrent Power is one of the largest companies in the Indian energy sector with presence across the entire power generation, transmission and distribution value chain.
Torrent Power Limited has an installed capacity of thermal power of 3,092 MW, solar of 828 MW, wind of 1,345 MW and has 355 km of 400 kv and 128 km of 220 kv transmission lines and has distribution in Ahmedabad/Gandhinagar, Surat, Dahej SEZ, Dholera SIR and DD/DNH, Bhiwadi, Agra and SMK.
Its revenue from operations decreased by 1.19 percent from Rs. 6,443 crore in Q3FY23 to Rs. 6,366 crore in Q3FY24, accompanied by earnings of Rs. 695 crores to Rs. 374 crores.
Written by: Bharat K.S.
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