Adani Power and Torrent Power will supply electricity to Madhya Pradesh from new coal plants at tariffs slightly above ₹5.8 per kWh.
To build coal-fired power plants, Adani Power Ltd and Torrent Power Ltd. both bagged separate contracts of 32,500 cr. from the MP government. This is a significant example of India’s consistent reliance on fossil fuel.
Torrent Power got a ₹22,000 crore deal for a 1,600 MW plant, while Adani Power won a ₹10,500 crore contract for an 800 MW coal project in Madhya Pradesh, as per a recent filing.
Both companies will sell power to Madhya Pradesh at just over ₹5.8/kWh. Torrent Power said this is its biggest project so far, with expected yearly revenue of ₹6,500 crore.
These deals show India still depends on coal, even while aiming for 500 GW of renewable energy by 2030 with strong corporate support.India aims to add almost 88 GW of coal power by 2032, increasing its earlier target by 63%.
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On Friday, Adani Power shares fell 0.92% and Torrent Power dropped 1.55% on the BSE, as the market ended 0.34% lower at 79,809.65 points.
