Torrent Power gains on bagging LoA for wind power project

Torrent Power rose 1.46% to Rs 488.65 after the company said it received a Letter of Award (LoA) for a 300 megawatt (MW) wind power project from the Solar Energy Corporation of India (SECI).

The company said it also received a long-term power purchase arrangement (PPA) for the power generated from the proposed project.

The project will be set up in Karnataka at an estimated cost of Rs 2,600 crore. It is expected to be commissioned within 24 months from the execution of PPA. The PPA term is 25 years from the scheduled commercial operation date.

The company's aggregate operational renewable power capacity is 1,067.5 MW, of which 804.5 MW is wind power and remaining 263 MW is solar power.

A total of 815 MW renewable power capacity is under development, of which 415 MW is wind power (including the aforementioned capacity) and remaining 400 MW is solar power.

Torrent Power, the integrated power utility of the diversified Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission and distribution.

On a consolidated basis, the company reported net loss of Rs 488.04 crore in Q4 FY22 compared with net profit of Rs 396.93 crore in Q4 FY21. Net sales surged 21.4% to Rs 3,743.65 crore in Q4 FY22 over Q4 FY21.

Powered by Capital Market - Live News