Greenko Group and NIIF-backed Ayana Renewable Power have entered into an arrangement to provide standalone storage capacity in a template that sets a standard for such transactions in India.
Under the partnership, the companies will develop firm and dispatchable renewable energy solutions including round-the-clock power supply of up to 1 GW to industry and distribution companies in India.
Greenko Group has offered in total 6,000 MWhr of storage capacity including 1,500 MWhr of storage capacity in the first tranche from its proprietary ‘Off Stream Closed Loop Pumped Storage Project’ being developed at Pinnapuram, Andhra Pradesh.
Commenting on the cooperation, Mahesh Kolli, Founder, President & Joint Managing Director, Greenko, said: “This partnership between Ayana and Greenko is in line with the Ministry of Power and Ministry of New and Renewable Energy mission to create a standalone storage market in India. Such integrated renewable energy and storage projects, offering solutions superior to conventional energy sources in terms of dispatchability and round-the-clock supply, reflect the growing maturity of the renewable sector in India.”
Greenko Group’s Pinnapuram Integrated Renewable Energy Project (IREP) has been conceived as the world’s first & largest gigawatt scale integrated project with solar, wind and pumped storage components that can supply Schedulable Power on Demand (SPOD). The pumped storage component of the Pinnapuram IREP is located in Kurnool District of Andhra Pradesh. The project will comprise of two reservoirs to be constructed in existing natural depressions with low height embankments of average height 12-14m (with maximum height 40m) to create the desired storage capacity.
According to Shivanand Nimbargi, Managing Director & CEO, Ayana Renewable Power, “This transaction marks the first time two Independent power producers have joined hands to facilitate the decarbonization goals of industrial clients in India by developing storage infrastructure that will support India’s commitment to create 500 GW of RE capacity by 2030 and reducing emissions intensity of GDP by 45 per cent by 2030.”
Over 100 projects
Greenko Group has an installed capacity base of 7.3 GW across solar, wind and hydro generation technologies spread over 100+ projects across 15 states and delivering 20+ billion units of renewable energy annually across the country constituting around 1.5-2 per cent of total India electricity needs.
Also read: IRCON International Forms Joint Venture For 500-Mw IREDA Solar Project
NIIF-owned
Founded in 2018 and headquartered in Bangalore, Ayana Renewable Power is one of the largest renewable energy companies in India. It is majority-owned by the National Investment and Infrastructure Fund (NIIF). CDC Group, UK’s development finance institution that will shortly be renamed British International Investment, and EverSource Capital-managed Green Growth Equity Fund are other shareholders in the platform.
Featured photograph for representation only