Power generation, transmission, and distribution company Torrent Power has received a letter of intent from the Maharashtra State Electricity Distribution Company (MSEDCL) to procure 1,500 MW/12,000 MWh energy storage capacity from a pumped hydro storage project.

MSEDCL will procure the energy storage capacity for 40 years.

Torrent Power plans to supply the storage capacity from its upcoming pumped hydro storage project in Raigad, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement, Torrent will supply MSEDCL with a contracted capacity of 1,500 MW of scheduled discharge of 8 hours (with a maximum continuous 5 hours) per day. MSEDCL will provide the input energy to charge.

The company has identified pumped storage project (PSP) sites in various states and plans to install about 5 to 8 GW of PSP capacity, investing ₹250 billion (~$29.84 billion) to ₹350 billion (~$41.78 billion).

Torrent has an aggregate installed generation capacity of 4.4 GW, comprising 2.7 GW of gas-based capacity, 1.3 GW of renewable capacity, and 362 MW of coal-based capacity. Around 3.1 GW of renewable energy projects are under development.

Torrent Power distributes nearly 30 billion units to over 4.13 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat; Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

In March, Torrent Power won the auction to purchase 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its distribution unit, quoting ₹3.65 (~$0.044)/kWh.

In June 2023, the company disclosed plans to achieve a 5 GW renewable energy portfolio over three to five years through inorganic acquisitions and greenfield projects.