Share price of Torrent Power gained more than two per cent on Friday, April 23, a day after the company bagged a Rs 1,250 crore deal to set up a solar power plant in Gujarat. On Friday, Torrent Power opened at Rs 397.50 on the BSE, touching an intra day high of Rs 397.50 and an intra day low of Rs 384.75, in the trading session so far. According to a regulatory filing by the company to the BSE, Torrent Power won a long-term power purchase arrangement or PPA for 300 MW capacity of solar power generation in Gujarat.
According to the statement, the agreement term is for a period of 25 years from the scheduled date of commercial operation. The power purchase agreement tariff is Rs 2.22 per kWh. The estimated cost of the project is Rs 1,250 crore, and the estimated date of commissioning is 18 months from the date of the power purchase agreement.
As part of the agreement, the operational renewable power capacity is 648.5 MW wind power and 138 MW solar power. Whereas, 115 MW wind power and 400 MW solar power is under development, according to the statement.
On the BSE, Torrent Power was last trading 2.62 per cent higher at Rs 394.20. On the NSE, Torrent Power opened at Rs 386, touching an intra day high of Rs 395.90 and an intra day low of Rs 384.05. It was last trading 2.41 per cent higher at Rs 393.50 on the NSE.