Torrent Power Ltd on Thursday said it will set up a 300 MW capacity solar power plant in Gujarat at an estimated cost of Rs 1,250 crore. In a statement, the firm said it has signed an agreement to sell electricity generated at Rs 2.22 per unit for a period of 25 years.
“Torrent Power Limited has been awarded a long-term Power Purchase Arrangement (PPA) for 300 MW capacity of solar power generation to be set up in Gujarat, from a licensed distribution business unit,” it said.
The project shall be commissioned within 18 months from the date of execution of the PPA. “The tariff for this Project is Rs 2.22 per kWh for a period of 25 years. The cost involved in the Project is about Rs 1,250 crore,” it said.
Torrent forayed into the renewable energy space with a 50 MW wind power plant in 2012.
As a part of its journey into this environmentally benign and sustainable energy space, Torrent has till date implemented various renewable projects aggregating to around 786.5 MW (648.5 MW wind and 138 MW solar).
Besides these operational projects, around 515 MW renewable power projects (115 MW wind and 400 MW solar) are under implementation (including the 300 MW project for which PPA was announced Thursday).