Serentica Renewables, Greenko Group inks agreement for 1500 MWhr energy storage capacity
Twinstar Overseas-owned Serentica Renewables, which has a controlling stake in Sterlite Power Transmission and Sterlite Technologies, has signed an agreement with Greenko Group to source 1,500 MWhr energy storage capacity through Greenko’s pumped storage projects located in India.
Twinstar Overseas-owned Serentica Renewables, which has a controlling stake in Sterlite Power Transmission and Sterlite Technologies, has signed an agreement with Greenko Group to source 1,500 MWhr energy storage capacity through Greenko's pumped storage projects located in India.
"As part of this partnership, Serentica will leverage Greenko's energy storage capacity from its upcoming Off Stream Closed Loop Pumped Storage Projects (OCPSP) at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh. This arrangement will enable Serentica to deliver round-the-clock, firm, and dispatchable renewable energy to its various industrial clients," Serentica said in a statement on Monday.
Energy storage solutions, like pumped storage systems, have assumed immense significance due to the increased adoption of renewable energy with its inherent variability. Presently, pumped storage hydropower (PSH) is the major technology used in energy storage globally. It contributes more than 95 percent of the total installed storage capacity.
Serentica is focused on industrial decarbonisation and aims to provide assured, renewable energy through a combination of solar, wind, energy storage and balancing solutions.
Currently, the company has entered into three long-term Power Purchase Agreements (PPAs) and is in the process of developing 1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra.
Serentica's medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.
On November 8, Serentica announced an investment deal of $400 million from global investment firm, KKR.
Pratik Agarwal, Director of Serentica Renewables, said facilitating the usage of renewable energy through the promotion of both new and proven storage technologies will hold the key to large scale decarbonisation in India. "We are excited to partner with Greenko in our endeavour to accelerate India's energy transition towards a carbon neutral future. The storage capacity will enable us to provide a customized solution that best meets our customer needs in transitioning to sustainable energy and providing firm, dispatchable renewable power," he said.
Anil Chalamalasetty, Founder and Managing Director of Greenko, said, "Our contract with Serentica is another example of the long-term sustainability of energy storage backed carbon free energy solutions. We strongly believe that carbon free energy solution is the way forward and can create a distinct value proposition for Indian manufacturing sector and allow it to target international markets hereto inaccessible and/ or less viable. We, at Greenko, are developing multiple pumped storage assets, one of the most competitive and sustainable energy storage technologies globally."