Ahmedabad, Jan 3 (UNI) Torrent Power on Wednesday said it has signed four non-binding memorandums of understanding (MoU) with the Gujarat government proposing a total investment of Rs 47,350 crore in the state.
The MoUs were signed within the framework of the tenth edition of the Vibrant Gujarat Global Summit.
The company said the proposed investments will be made in the areas of renewable energy, green hydrogen and power distribution and are expected to contribute significantly to the development of the State and creation of large-scale employment opportunities.
Commenting on the development, Torrent Group Chairman Samir Mehta said Torrent Power intends to make a significant portion of its future investments in key national priorities of renewable generation, pumped storage hydropower projects, green hydrogen production /green ammonia and energy distribution.
"It is a great pride for the Torrent Group to be associated with the Vibrant Gujarat Global Summit since its first edition and to contribute to the development of the State," he said.
One of the four MoUs signed with the Gujarat government comprises 3,450 MW of solar power projects and 1,045 MW of hybrid power projects to be set up in Banaskantha, Jamnagar, Patan and Surendranagar districts, involving a proposed investment of 30,650 million rupees.
The second MoU involves an investment of Rs 4,500 crore in developing solar park infrastructure for a 7,000 MW solar power project to be set up in Banaskantha district.
According to the official statement of the company, the third MoU is to establish a green hydrogen/green ammonia production facility with a capacity of 100 KTPA to be set up at Banaskantha/Dahej with a total proposed investment of Rs 7,200 crore.
โThe fourth MoU relates to an investment of Rs 5,000 crore in Torrent Power's distribution business in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Mandal Becharaji SIR (MBSIR).
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