Torrent Power has bagged an order to set up a 300 MW grid-connected wind solar hybrid project.

The company obtained the Letter of Award (LoA) from its distribution unit. The scope of the work includes setting up a 300 MW grid-connected solar power project, the company said in a stock exchange filing.

The project will be commissioned within 24 months from signing of the power purchase agreement (PPA).The tariff for the project is set at ₹3.65/kWh for 25 years, Torrent Power informed the stock exchanges.

In response to the development, Torrent Power's shares surged as much as 7.65% to hit a high of ₹1,249.25 apiece on BSE, contributing to the company's market capitalisation reaching over ₹58,600 crore.

The company said that the minimum Capacity Utilisation Factor (CUF) required is 50% annually. wind and solar capacities are in a 2:1 ratio.