Greenko Group and NIIF-backed Ayana Renewable Power have entered into an agreement to provide standalone storage capacity in a template that sets a standard for such transactions in India, the companies announced in a recent statement.
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 1500 MWhr of storage capacity in the first tranche from its proprietary ‘Off Stream Closed Loop Pumped Storage Project’ being developed at Pinnapuram, Andhra Pradesh.
According to the Group, it 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+ Bn units of renewable energy annually across the country constituting ~1.5-2% of total India electricity needs.
Commenting on the cooperation, Mahesh Kolli, Founder, President and Joint Managing Director of 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,” Kolli added.
Founded in 2018, Bangalore-headquartered Ayana is majority owned by the National Investment and Infrastructure Fund. The renewable company is currently involved in the development and management of more than 3.59 GW ac of solar, wind and hybrid power projects across several Indian states and has an operational capacity of 1.19 GW ac of renewable energy projects in Andhra Pradesh, Karnataka and Rajasthan.
Speaking of the latest partnership with Greenko, Shivanand Nimbargi, Managing Director and CEO of Ayana Renewable Power, said, “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% by 2030.”
Source: saurenergy.com
