Greenko and Serentica Renewables collaborate to provide 1500 MWhr of energy storage
Given the rising adoption of renewable energy with its inherent uncertainty, energy storage options like pumped storage systems have taken on enormous significance today.
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Greenko Group and Serentica Renewables, controlled by Twinstar Overseas and holding a controlling interest in Sterlite Power Transmission and Sterlite Technologies, have reached an agreement to source 1,500 MWhr of energy storage capacity from Greenko's pumped storage facilities in India.
Serentica will use Greenko's energy storage capabilities from its future Off Stream Closed Loop Pumped Storage Projects (OCPSP) at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh as part of this agreement. With the help of this arrangement, Serentica will be able to provide its diverse industrial clients with reliable, dispatchable renewable energy around-the-clock, the company stated in a statement on Monday.
With the rising use of renewable energy and its inherent uncertainty, energy storage options like pumped storage systems have taken on enormous relevance. Pumped storage hydropower (PSH) is currently the main method employed for energy storage on a global scale. More than 95% of the installed storage capacity comes from it.
Through a combination of solar, wind, energy storage, and balancing solutions, Serentica is focused on industrial decarbonization and seeks to supply reliable, renewable energy.
The company is currently developing 1,500 MW of solar and wind power projects throughout several states, including Karnataka, Rajasthan, and Maharashtra, and has signed three long-term Power Purchase Agreements (PPAs).
The medium-term objective of Serentica is to install 5,000 MW of carbon-free generation capacity coupled with various storage technologies, provide more than 16 billion clean energy units annually, and eliminate 20 million tonnes of CO2 emissions.
On November 8, Serentica revealed a $400 million investment from the major international investment firm KKR.
According to Pratik Agarwal, Director of Serentica Renewables, encouraging the use of both innovative and tried-and-true storage technologies will be crucial to India's large-scale decarbonization. "We are thrilled to collaborate with Greenko in our effort to hasten India's energy transition toward a future free of carbon emissions. The storage capacity will allow us to offer a specialised solution that best satisfies the requirements of our customers in the transition to sustainable energy and the provision of reliable, dispatchable renewable power, he said.
"Our deal with Serentica is another example of the long-term sustainability of energy storage-backed carbon-free energy solutions," said Anil Chalamalasetty, founder and managing director of Greenko. We firmly believe that carbon-free energy solutions are the way of the future and may give the Indian manufacturing sector a unique value proposition, enabling it to pursue previously inaccessible or less profitable overseas markets. A number of pumped storage facilities, one of the most economic and environmentally friendly energy storage technologies worldwide, are being developed by Greenko.
