Torrent Power’s shares rose by 9% today, reaching a new 52-week high of ₹1,983.70 on the BSE. This surge follows the announcement that the company has signed two letters of award (LoA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a total supply of 2,000 Megawatts (MW) of energy storage capacity.
The company, part of the Torrent Group, is a major player in India’s power sector, involved in generation, transmission, and distribution. The contracts include supplying 1,500 MW of energy storage capacity and an additional 500 MW capacity.
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MSEDCL will purchase this energy storage capacity from Torrent Power’s InSTS Connected Pumped Hydro Storage Plant for 40 years. The plant is currently being set up in Maharashtra. According to the Energy Storage Facility Agreement (ESFA), Torrent Power will provide MSEDCL with 2,000 MW of capacity for scheduled 8-hour daily discharges, with a maximum continuous discharge time of 5 hours. MSEDCL will supply the energy needed for charging.
Torrent Power has also identified several sites in Maharashtra and other states for Pumped Storage Projects (PSP), planning to install 5-8 GW of capacity with an investment of ₹25,000 to ₹35,000 crore. The company’s shares have provided impressive returns, increasing by 169% over the past year and nearly 107% so far this year.
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