Greenko Group, India’s largest renewable energy storage and transition company, is planning to increase its renewable capacity to 100 GWh (10 GW for 10 hours a day) by 2027 with an investment of $10 billion.
The company started work on the world’s largest 5,230 MW integrated pumped hydel storage-cum-wind-solar project here on Tuesday. The first concrete pouring at the project site was done by Andhra Pradesh chief minister YS Jagan Mohan Reddy.
The Kurnool project will include 1,680 MW of pumped hydroelectricity which will have storage for six hours, equivalent to 10,800 MWh (10.80 GWh) of capacity. The project will also have 3,000 MW of solar capacity and 550 MW of wind power capacity.
Mahesh Kolli, joint MD at Greenko Group, told FE that funding for the project has already been tied up.
ArcelorMittal Group has invested $600 million for setting up 1,000 MW of the 3,000 MW solar project attached to the integrated plant.
“We have already raised $800 million via green bonds in April. The equity contribution will come through international investors such as Abu Dhabi Investment Authority, Government Investment Corporation of Singapore, and Orix Corporation of Japan,” Kolli said.
Kolli and Anil Chalamalasetty are the founder promoters of Greenko.
“We have tied up for 900 MW of the pumped storage capacity with three states of Bihar, West Bengal and Rajasthan. The balance will be sold to Ayana Renewables (500 MW) and Adanis (250 MW),” he said.
Going ahead, the company will take the pumped hydel storage capacity to 50 GWh by 2025 and 100 GWh by 2027.
“We are already setting up 10 GWh of storage capacity each in Madhya Pradesh and Karnataka, and 17 GWh in Rajasthan which will get commissioned by 2025,”
The company is helping industries give up on costly captive power generation, which costs around Rs 7-8 a unit. Pumped hydroelecticity would cost not more than `4-5/ unit.
ArcelorMittal will close its 800 MW captive power plant attached to the Hazira steel plant. “Now, they will source green power at cheaper rates from us. This will be a firm power supplied on a 24×7 basis,” Kolli said. “Arcelor Group will also tie up with us for our project in Karnataka.”
Pumped hydroelectrcity can resolve big concerns related to intermittent wind-solar supplies if integrated with them, besides it doesn’t require to be a run-of-the-river hydel project. It is not as costly as LNG or imported coal. “It can be a saviour for the power sector reeling under the shortage crisis,” Kolli said.