Torrent Power plans to raise up to Rs 650 crore via NCDs
power generation and distribution company Torrent Power is planning to raise up to Rs 650 crore through the issuance of non-convertible debentures (NCDs), as per officials aware of the development.
The company is considering issuing the NCDs in tranches of two years, three years, and five years, market sources said. Torrent Power is expanding operations in the green energy segment and may use the proceeds to fund the same.
Axis Bank and Barclays are likely the arrangers of the issue, they added.
Emails sent to Torrent Power, Axis Bank, and Barclays did not receive responses by the time of publication.
Torrent Power aims to double its renewable energy capacity from the present two gigawatts (GW) to five gigawatts in the next four to five years. The company is also entering the green hydrogen space. Last month, it incorporated a wholly owned subsidiary, Torrent Green Hydrogen for manufacturing, storage, and transportation of green hydrogen.
The company also operates in the thermal power segment and has a generation capacity of 3092 MW with a unique mix of coal and gas-based power plants in this segment.
Last year Torrent Power forayed into the electric mobility infrastructure sector to set up EV charging stations. It has collaborated with Siemens to develop the EV charging network.
It has already begun a pilot project for blending 2.5% green hydrogen with natural gas in the city gas distribution (CGD) network in Gorakhpur, Uttar Pradesh. The pilot project is based on Alkaline Electrolyzer.
