Torrent Power intends to increase its renewable energy portfolio through the acquisition of existing projects and is also looking for new opportunities in the transmission and distribution sectors.
Torrent Power Chairman Samir Mehta has cited the recent coal shortage and the Russia-Ukraine war -- which crippled power generation in the country, as reasons for the need to move towards a sustainable future by increasing energy output through clean sources in India.
Torrent Power's total power generation portfolio including existing and under-development projects stands at 4975MW, which includes 2730MW gas-based, 663 MW solar, 1220 MW wind, and 362MW coal-based.
At present, the company is not developing any coal or gas-based power project. The under-development solar capacity is 400MW, while the under-construction wind capacity is 415 MW.
"We aim to increase our renewable portfolio through new bids or acquisitions in the coming years... we are firmly placed to take your company (Torrent Power) forward on a path of financial progress and a sustainable future," Mehta said in his message in the company's annual report for 2021-22.
Mehta has also stated that the company will continue looking for new opportunities in the distribution and transmission sectors through privatization or franchising of distribution areas.
He said, "In the first half of the year (2021-22), we saw a growth in power demand of around 12 percent, highest in the decade. However, the growth trajectory soon derailed due to supply constraints of coal accompanied by high fuel prices of coal and gas. The Russia-Ukraine conflict and economic sanctions on Russia further impacted the situation."
He is of the view that this was a year (2021-22) of power crisis, where the company saw load curtailment in some states due to the non-availability of fuel accompanied by a sharp increase in power rates.
"The (electricity) rates were so high that the (power) regulators had to intervene and cap power prices. The successive waves of the Covid-19 pandemic throughout the year heightened business continuity concerns," he added.
He pointed out that the recent geopolitical conflicts reinstated the need for a swift transition to cleaner fuels, which is imperative for sustainable development.
Countries around the globe are trying to reduce their reliance on fossil fuels and increase the concentration of renewables in their energy portfolio, he noted.
(With inputs from PTI)