Torrent Power Ltd will set up a 306 MW grid-connected solar power project at 48 locations in Nasik district of Maharashtra at a cost of Rs 1,540 crore.
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The company received an award letter for the project from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) on March 7, it said in an official statement. The project is conceived by MSEB Solar Agro Power Ltd (MSAPL) under MSKVY 2.0 scheme for implementation of feeder level solarization under Component C of PM-KUSUM scheme connected to the distribution network.
The company is expected to launch the project in 18 months. The project tariff is Rs 3.10/kWh for a period of 25 years.
The Maharashtra government is looking to ensure stable daytime electricity to agricultural consumers through decentralized solar energy projects. To enable the development of the MSKVY 2.0 scheme, the state has adopted a cluster approach, whereby MSAPL already directly obtains revenue land and certain approvals. Torrent will acquire 100 per cent stake in the Project SPV and will get Central Financial Assistance (CFA) from the Center for eligible capacity under the terms of PM KUSUM scheme, the company added.
With the award of this 306 MW of power, Torrent's renewable capacity under construction increases to 1.7 GW. Once these projects are completed, Torrent's renewable capacity will increase to 3 GW in the next 18-24 months.
