Greenko Group, India’s largest renewable energy storage and transfer company, plans to increase its renewable capacity by 100 GWh (10 GW for 10 hours a day) by 2027 with an investment of $ 10 billion.
The company on Tuesday launched work on the world’s largest 5,230-megawatt pumped hydel storage-cum-wind-solar project here. Andhra Pradesh Chief Minister YS Jagan Mohan Reddy was the first to pour concrete on the site of the project.
The Kurnool project will include 1,680 MW of pumped hydropower with a capacity of 10,800 MWh (10.80 GWh). The project will also have 3,000 MW of solar power and 550 MW of wind power.
Mahesh Koli, joint MD of Greenco Group, told FE that funding for the project has already been secured.
The ArcelorMittal Group has invested $ 600 million to set up 1,000 MW of the 3,000 MW solar project connected to the integrated plant.
“We have already raised $ 800 million through green bonds in April. Equity contributions will come from international investors such as the Abu Dhabi Investment Authority, the Government Investment Corporation of Singapore and Orex Corporation of Japan, ”said Kalli.
Collie and Anil Chalamlasetti are the founding fathers of Greencore.
“We have signed agreements with three states of Bihar, West Bengal and Rajasthan for 900 MW of pumped storage capacity. The rest of the money will be sold to Aina Renewables (500 MW) and Adanis (250 MW), ”he said.
Going forward, the company will increase pumped hydel storage capacity to 50 GWh by 2025 and 100 GWh by 2027.
“We are already setting up 10 GWh each in Madhya Pradesh and Karnataka and 17 GWh in Rajasthan which will be operational by 2025,” he said.
The company is helping industries to give up expensive captive power generation, which costs Rs 7-8 per unit. The price of pumped hydroelectricity will not be more than `4-5 / unit.
Arcelor will shut down its 800 MW captive power plant attached to the Mittal Hazira steel plant. “Now, they will source green energy from us at a lower cost. It will provide a strong power on a 24 × 7 basis, ”said Kalli. “Arcelor Group will sign a contract with us for our project in Karnataka.”
Pumped hydroelectricity can solve major concerns about uninterrupted wind-solar supply if combined with them, as well as it does not require a run-of-the-river hydel project. It is not as expensive as LNG or imported coal. “It could be a savior for the power sector, which is facing a deficit crisis,” said Collie.