Torrent Power ties up 2.3 GW in 40-year storage agreements

Torrent Power has tied up 2,300 MW of its 3,000 MW Raigad pumped-storage hydro project through 40-year arrangements with MSEDCL and SECI, carrying stated combined annual revenue of Rs 2,009 crore. The larger 2,000 MW MSEDCL arrangement has an executed agreement and a scheduled commercial operation date of March 2030.

What is Torrent Power building in Raigad?

Torrent Power is developing a 3,000 MW pumped-storage hydro project in Raigad district, Maharashtra, with an expected project cost of about Rs 14,000 crore. The presentation classifies the project as under development and identifies it as part of Torrent Power's 8.4 GW planned pumped-storage capacity.

The disclosed tied-up arrangements represent 2,300 MW of the project's 3,000 MW capacity. They also represent 18,400 megawatt-hours (MWh) of storage, comprising 16,000 MWh for MSEDCL and 2,400 MWh for SECI.

The remaining 700 MW of the 3,000 MW project is not assigned to a counterparty in the presentation. Torrent Power provides a single expected cost of about Rs 14,000 crore for the full Raigad project, rather than separate cost allocations for the 2,000 MW MSEDCL and 300 MW SECI arrangements.

How are Torrent Power's 2,300 MW arrangements structured?

Torrent Power's 2,000 MW arrangement with MSEDCL covers 16,000 MWh for 40 years and has an executed Energy Storage Facility Agreement. The presentation gives March 2030 as its scheduled commercial operation date, or SCOD, and states annual revenue of Rs 1,680 crore.

Torrent Power's other disclosed arrangement covers 300 MW and 2,400 MWh with SECI for 40 years. Its status is a received Letter of Award, while commissioning is set within 36 months of the effective date of the power purchase agreement, or PPA; the presentation does not state that effective date.

The MSEDCL arrangement accounts for 2,000 MW, or most of the disclosed 2,300 MW tied-up capacity, and Rs 1,680 crore of the Rs 2,009 crore combined annual revenue. The SECI component contributes 300 MW and Rs 329 crore, but remains at an earlier disclosed contracting stage than the executed MSEDCL agreement.

What work has Torrent Power completed at Raigad?

Torrent Power says it has signed the civil and hydro mechanical package contract for the 3,000 MW Raigad project. It also reports that the electrical and mechanical package contract has been signed, covering the two construction-package milestones listed on the project page.

Torrent Power further reports that environment and forest clearance has been received for the Raigad project. These approvals and signed packages accompany the March 2030 SCOD for the 2,000 MW MSEDCL arrangement, while the 300 MW SECI component has a timeline tied to the effective PPA date.

The presentation does not disclose construction expenditure to date against the approximately Rs 14,000 crore expected project cost. It also does not provide a physical-completion percentage or a detailed construction timetable for the full 3,000 MW site.

How does Raigad fit Torrent Power's wider storage plan?

Torrent Power reports total planned pumped-storage capacity of 8.4 GW, including 3 GW under construction. The 3 GW figure corresponds to the Raigad project, while the balance implied by the disclosed totals is 5.4 GW.

Torrent Power identifies Maharashtra and Uttar Pradesh as the states for its planned pumped-storage sites. The company says these sites are under planning and feasibility assessment, distinguishing them from the Raigad project, where package contracts have been signed and environmental and forest clearance has been received.

The presentation uses both “under development” for the 3,000 MW Raigad project and “including 3 GW under construction” for the 8.4 GW pipeline. It does not provide separate capacities, counterparties, expected costs or commissioning dates for the additional 5.4 GW implied by the 8.4 GW plan.

Conclusion

Torrent Power has disclosed a commercial base for its 3,000 MW Raigad project through 2,300 MW of 40-year arrangements and 18,400 MWh of associated storage. The two arrangements carry stated combined annual revenue of Rs 2,009 crore, although the 2,000 MW MSEDCL component is at an executed-agreement stage and the 300 MW SECI component has a Letter of Award.

The next disclosed milestone is the March 2030 SCOD for the 2,000 MW MSEDCL arrangement. For the 300 MW SECI component, the relevant timing is 36 months from the effective PPA date, which has not been disclosed, while the remaining sites in Maharashtra and Uttar Pradesh are still under planning and feasibility assessment.