Torrent Power's 4.5-GWp pipeline needs Rs 30,638 crore

Torrent Power has disclosed roughly 4.5 GWp of renewable capacity under installation with expected project cost of about Rs 30,638 crore, as at 30 September 2026, supporting its target of about 6.59 GWp. The listed projects span wind, hybrid, merchant and commercial-and-industrial, or C&I, capacity, with specified commissioning beginning in FY27.

What makes up Torrent Power's 4.5-GWp renewable pipeline?

Torrent Power's pipeline comprises about 2.5 GW of contracted capacity and about 4.5 GWp of capacity under installation across 10 project entries. The difference reflects projects where installed capacity exceeds contracted capacity, including the 830-MWp TPL-D hybrid project against 450 MW contracted and the approximately 1,183-MWp C&I portfolio against approximately 767 MW contracted.

Expected investment totals about Rs 30,638 crore, led by the approximately 1,183-MWp C&I solar and hybrid portfolio at about Rs 6,490 crore. The next largest disclosed projects by cost are TPL-D hybrid at Rs 5,500 crore for 830 MWp and the merchant wind and hybrid portfolio at Rs 4,824 crore for 607 MWp.

Which projects account for Torrent Power's planned capacity?

Torrent Power lists 972 MWp of wind-only projects: SECI XVI at 122 MWp, SECI XVIII at 300 MWp, SECI XX at 150 MWp, MPPMCL at 300 MWp and Satluj Jal Vidyut Nigam at 100 MWp. Their combined expected project cost is Rs 7,785 crore, with the 300-MWp MPPMCL project accounting for Rs 2,400 crore.

Identified hybrid projects total 1,731 MWp, comprising TPL-D at 830 MWp, REMCL at 401 MWp and TPL-D (FDRE) at 500 MWp. These three projects have expected costs of Rs 5,500 crore, Rs 3,039 crore and Rs 3,000 crore respectively, or Rs 11,539 crore combined.

The remaining disclosed capacity is 607 MWp of merchant wind and hybrid projects and approximately 1,183 MWp of C&I solar and hybrid projects. The C&I portfolio has multiple off-takers and multiple tariffs, while the merchant portfolio is identified as merchant sales rather than carrying a named contracted off-taker or tariff.

What tariffs and off-takers support Torrent Power's projects?

Torrent Power has disclosed fixed tariffs from Rs 3.60 per unit for SECI XVI to Rs 4.87 per unit for TPL-D (FDRE). The Rs 4.87-per-unit TPL-D (FDRE) project has 250 MW of contracted capacity and 500 MWp under installation, while SECI XVI has 100 MW contracted and 122 MWp under installation.

The 450-MW TPL-D hybrid project is contracted with Torrent Power's own discom at Rs 3.65 per unit, and the 250-MW TPL-D (FDRE) project is also for the own discom at Rs 4.87 per unit. REMCL is the off-taker for 100 MW of contracted hybrid capacity at Rs 4.25 per unit, compared with Rs 3.97 per unit for SECI XVIII's 300 MW wind contract.

Merchant and C&I capacity have different disclosed commercial arrangements from the named-tariff projects. The 607-MWp merchant portfolio is marked as merchant for both tariff and off-taker, whereas the approximately 1,183-MWp C&I portfolio is marked as multiple for both fields; the presentation therefore provides no single comparable tariff for either segment.

Why did Torrent Power's merchant portfolio change?

Torrent Power's 607-MWp merchant portfolio includes a 300-MW wind project that had been tied up with SECI before its power purchase agreement was terminated on 5 October 2026. The presentation says the project was converted to, and included in, merchant capacity following that termination.

As at 30 September 2026, 180.6 MWp of the merchant portfolio had already been commissioned. The table nonetheless reports 607 MWp of merchant capacity under installation and expected cost of Rs 4,824 crore, while giving no replacement off-taker or fixed tariff for the converted 300-MW project.

The C&I portfolio also contained commissioned capacity, but at a lower disclosed amount of 34.8 MWp as at 30 September 2026. It has approximately 767 MW of contracted capacity, compared with the merchant segment's blank contracted-capacity field, showing that the two segments have different disclosed contracting structures.

When will Torrent Power commission the renewable projects?

Torrent Power expects specified projects to be commissioned from FY27 through FY29, although several award-backed wind projects have no stated commissioning date. SECI XVI and REMCL are scheduled partly in FY27 and with the balance in FY28, while the merchant portfolio is expected to be commissioned progressively from FY27 to FY28.

TPL-D hybrid, the largest identified project at 830 MWp, is scheduled progressively from FY27 to FY29. SECI XVIII, with 300 MWp and expected cost of Rs 2,360 crore, is listed for FY28, while TPL-D (FDRE), with 500 MWp and Rs 3,000 crore of expected cost, is listed for FY29.

SECI XX, MPPMCL and Satluj Jal Vidyut Nigam are each marked as having received a Letter of Award, rather than a commissioning year. Together, those three wind projects represent 550 MWp and Rs 4,500 crore of expected cost, while the approximately 1,183-MWp C&I portfolio is described only as to be commissioned progressively.

How does the renewable plan compare with Torrent Power's storage development?

Torrent Power's renewable pipeline is separate from its 3,000-MW pumped-storage hydro project under development in Raigad district, Maharashtra, with expected cost of about Rs 14,000 crore. The project includes 2,000 MW and 16,000 megawatt-hours tied up with MSEDCL for 40 years, with a scheduled commercial operation date of March 2030.

The same storage project has a further 300 MW and 2,400 megawatt-hours associated with SECI, for which Torrent Power has received a Letter of Award. Torrent Power reports that contracts for civil and hydro-mechanical as well as electrical and mechanical packages have been signed, and that environment and forest clearance has been received.

Torrent Power also identifies an 8.4-GW pumped-storage pipeline in Maharashtra and Uttar Pradesh, including the 3-GW project under construction. Unlike the renewable projects with FY27 to FY29 schedules, the additional storage sites remain under planning and feasibility assessment.

Conclusion

Torrent Power's disclosed plan combines about 4.5 GWp of renewable capacity under installation and expected investment of about Rs 30,638 crore toward a stated renewable-portfolio target of about 6.59 GWp. The capacity mix includes 972 MWp of identified wind projects, 1,731 MWp of identified hybrid projects, 607 MWp of merchant capacity and approximately 1,183 MWp of C&I capacity.

The next disclosed milestones are progressive commissioning from FY27, FY28 delivery for SECI XVI, REMCL and SECI XVIII, and FY29 delivery for TPL-D (FDRE) and later TPL-D hybrid phases. What remains unresolved in the presentation is the commissioning timetable for 550 MWp of award-backed wind projects and the future off-take arrangement for the 300-MW project moved into the merchant portfolio after 5 October 2026.