8OCTOBER, 2024Torrent Power Limited announced that it has obtained a Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for the procurement of 1,500 MW/ 12,000 MWh energy storage capacity for a pumped hydro storage project. MSEDCL will acquire 1,500 MW of energy storage capacity from a pumped hydro storage project for a 40-year period. The company intends to deliver storage capacity through its future pumped hydro storage plant in Raigad District, Maharashtra."Detailed Letter of Award will be issued by MSEDCL upon obtaining necessary approval from Maharashtra Electricity Regulatory Commission (MERC) in terms of the tender document on the quoted tariff," the company said.Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the company will make available to MSEDCL a contracted capacity of 1,500 MW capable of discharge for 8 hours (with a maximum continuous 5 hours) per day. MSEDCL will provide the input energy for charging. As the use of solar and wind power in electricity generation grows, there will be a greater need for energy storage systems to provide stable, reliable, and dispatchable renewable energy. Torrent Power has discovered Pumped Storage Project (PSP) sites throughout several states.The corporation has already announced plans to add 5 to 8 GW of PSP capacity, with an investment of Rs 25,000 to Rs 35,000 crores. As part of its expansion strategy, the company is also working on additional green energy projects, such as Green Hydrogen and Green Ammonia Production. German luxury carmaker Mercedes Benz has firmed up plans to locally assemble a second electric vehicle in the country enthused by steady demand for these cars. India will be the only market outside of the United States to locally assemble the EQS SUV 580. Completely built-up units (CBU) attract customs duty of up to 110 percent, compared to 15 percent levied on vehicles assembled locally from knocked down kits (CKD).Mercedes Benz India Managing Director Santosh Iyer told ET, "There is currently no other option for emission free mobility than electrification. And we need to aid penetration by introducing electric cars at varied price points to our customers. The EQS SUV 580 will be the second electric vehicle that we assemble locally, which has helped us to price it competitively." The EQS SUV 580 is priced at Rs 1.41 crore.With the launch of the EQS SUV 580 the company now has half a dozen EVs for sales in the country. "About 55 percent of all cars sold in India are now SUVs. So it was only logical for us to introduce an electric SUV. We expect penetration of electric vehicles in our portfolio to increase steadily with these launches", Iyer informed.Overall, the company has seen penetration of electric vehicles in its total sales double to 5 percent in the first half of the ongoing calendar year, over CY2023. EV sales for the company grew by 60 percent in this period, when total volumes rose 9 percent to 9,262 units. TOP STORIESTORRENT POWER BAGS LOI FOR 1,500 MW FROM MSEDCL FOR PUMP HYDRO STORAGEMERCEDES-BENZ TO ASSEMBLE EQS SUV IN INDIA, EXPANDING EV PRODUCTION
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