Torrent Power on Saturday announced securing a letter of award from MP Power Management Company for the supply of power from its planned 1,600 MW coal-based plant, which will involve an investment of Rs 22,000 crore.
The Letter of Award (LoA) has been received pursuant to participation in the competitive bidding process, conducted by MPPMCL, at a tariff of Rs 5.829/kWh, the company said.
This project entails an investment of approximately Rs 22,000 crore and will be the single-largest investment by the Torrent Group in the power sector.
The company will set up a greenfield 2x800 MW Ultra-Supercritical power plant in Madhya Pradesh and supply the entire capacity to MPPMCL. The requisite coal for the power plant will be arranged by MPPMCL under the SHAKTI Policy of the Ministry of Coal. The project is to be commissioned within 72 months from the date of execution of a 25-year Power Purchase Agreement (PPA).
Jinal Mehta, Vice Chairman and Managing Director of Torrent Power, said, "This investment by Torrent Power will play a significant role in achieving the GoI's ambitious target of 80 GW of additional coal-based capacity by 2032 to support the country's economic growth and to add much-needed base load capacity to stabilise the grid." The project is expected to create about 8,000 to 10,000 direct and indirect jobs during its construction and 1,500 direct and indirect jobs during its operations phase.
With the addition of this capacity, Torrent Power will have a total locked-in generation and pump storage capacity of 9.6 GWp and 3 GW, respectively.
