Shares of Torrent Power climbed 7% on 18 March after the company announced receiving a letter of award for setting up 300 megawatts (MW) wind-solar hybrid projects.

In its regulatory filing, the company announced that they had received a letter of award for setting up a 300-megawatt grid-connected wind-solar hybrid project from Torrent Power Limited-Distribution Unit for a total project cost of Rs 3,650 crore and has to be commissioned within 24 days from the power purchase agreement.

The company added that the annual capacity utilisation factor shall not be less than 50% for any year during the term of the power purchase agreement, and the rated capacity of the wind and solar will be 2:1.

The filing added, “For meeting the 50% capacity utilisation factor (CUF) requirement, the company plans to install 480 MW of wind and solar capacity against contracted capacity of 300 MW.”

Earlier last week, the company received a solar power project worth Rs 1,540 crore from the Maharashtra State Electricity Distribution Company for supplying 306 megawatts of solar power under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarisation under the PM KUSUM Scheme.

At 3:30 pm, the shares of Torrent Power closed 2.94% higher at Rs 1,189.90 on NSE.