Torrent Power has received an award letter from its 'Distribution Unit' for setting up a 150 MW wind-solar hybrid project with an investment outlay of Rs 1,825 crore.
The renewable energy project will supply power at a rate of Rs 3.65 per kWh, according to a stock exchange filing.
"...the company received an award letter from Torrent Power Limited Distribution Unit for the creation of 150 MW grid-connected wind solar hybrid projects (RE Power) under the Greenshoe option," it said.
The project will be commissioned within 24 months of the Power Purchase Agreement (PPA), with a contract period of 25 years from the commissioning of the project.
The annual CUF (capacity utilization factor) will not be less than 50 percent for any year during the term of the PPA and the nominal power capacity of wind and solar energy will 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 projects against a contracted capacity of 150 MW, it said.
