Wed Sep 18 05:06:49 UTC 2024: ## Torrent Power Soars on Maharashtra Energy Storage Deal
**Mumbai, India:** Shares of Torrent Power Limited surged over 5% on Wednesday after the company secured a Letter of Intent (LoI) for a significant order from the Maharashtra State Electricity Distribution Company Limited (MSEDCL).
The stock opened the day at Rs 1,834, a 3% jump over its previous close, and climbed further to hit an intraday high of Rs 1,873.20. The boost came after Torrent Power announced that MSEDCL had awarded them an order for 1,500 Megawatt (MW) and 12,000 MWh of energy storage capacity from a pumped hydro storage project.
The company will supply this storage capacity from its upcoming pumped hydro storage plant in Raigad, Maharashtra. The project will operate under a Pumped Hydro Energy Storage Facility Agreement (PHESFA) with MSEDCL, providing a contracted capacity of 1,500 MW capable of a scheduled discharge of 8 hours per day (with a maximum continuous discharge of 5 hours). MSEDCL will provide the energy for charging the storage facility.
MSEDCL is expected to issue a detailed Letter of Award (LoA) after receiving approval from the Maharashtra Electricity Regulatory Commission (MERC).
Torrent Power highlighted the growing need for energy storage solutions as the penetration of green energy in electricity generation increases. The company has identified multiple Pumped Storage Project (PSP) sites across various states and aims to install 5-8 Gigawatt of Pumped Storage capacity, representing an investment of ₹25,000 to ₹35,000 crore.
In addition to pumped storage, Torrent Power is also pursuing other renewable energy projects, including Green Hydrogen and Green Ammonia production.
The company’s stock has witnessed impressive growth in the past year, rising over 152%. In the last six months alone, the stock has gained 53%, and on a year-to-date basis, it has delivered a return of over 93%.
At around 10:15 AM, shares of Torrent Power Ltd. were trading 2.29% higher at Rs 1820.65 apiece on BSE.
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