Gujarat-based Torrent Power has raised ₹20 billion (~$216.58 million) through private placement of secured, non-convertible debentures (NCDs).

The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,083), carrying a coupon rate of 7.97% per annum.

These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India.

The issue comprises ₹6.8 billion (~$73.6 million) of Series 14A, ₹6.75 billion (~$73 million) of Series 14B, and ₹6.45 billion (~$69.84 million) of Series 14C with 8, 9, and 10-year tenors, respectively.

The first coupon payment is due on March 9, 2027, followed by annual payments.

Torrent Power has approximately 2.3 GW of contracted renewable energy capacity and about 4.3 GW under installation. It has 1,026 MW of operational solar capacity and 1,841 MW under development. Its operational wind capacity is 921 MW, with 2,163 MW under development.

Recently, the Gujarat Electricity Regulatory Commission permitted Torrent Power to make certain deviations for procuring firm and dispatchable renewable energy. It allowed the company to remove the 50% cap on the allocation of contracted capacity to a single bidder and allowed the inclusion of a provision addressing delays in project commissioning arising from transmission infrastructure readiness by the central transmission utility or the state transmission utility

The company’s revenue from operations increased 4% year-over-year to ₹67.78 billion (~$747.72 million) in the third quarter of the financial year 2026 from ₹64.99 billion (~$717 million).

Torrent Power issued a request for selection to procure 200 MW of firm and dispatchable renewable energy with an energy storage system and a greenshoe option of 100 MW.

In 2025, Torrent Green Energy won Solar Energy Corporation of India’s auction to set up 600 MW interstate transmission system-connected wind power projects under Tranche XVIII. Torrent won 300 MW at a tariff of ₹3.97 (~$0.046)/kWh.