Torrent Power's share price rose 5.2% following a major contract win for a pumped hydro storage project. The company aims to invest ₹25,000 to ₹35,000 crores in pumped storage, alongside commitments for renewable energy and green ammonia production.

Torrent Power on Tuesday said that it has received Letter of Intent (LoI) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for procurement of 1,500 MW/12,000 MWh energy storage capacity from pumped hydro storage project.

Torrent Power Limited, the integrated power utility of diversified Torrent Group, on Monday announced an investment of over Rs 64,000 crore at 'RE-Invest 2024' in Gandhinagar.

According to the statement, the company has submitted a 'Shapath Patra' to achieve 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with an investment of Rs 57,000 crore.

Under the pumped hydro energy storage facility agreement (PHESFA), the company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day.

Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of eight hours (with maximum continuous five hours) per day.

Torrent Power Limited has received a Letter of Intent from Maharashtra State Electricity Distribution Co. Limited for a 1,500 MW/12,000 MWh pumped hydro storage project in Raigad District. The project will provide energy storage capacity for 40 years,