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Serentica Renewables inks 1.5GWh energy storage deal with Greenko

Serentica Renewables inks 1.5GWh energy storage deal with Greenko

Indian renewable energy firms Serentica Renewables and Greenko Group have reportedly signed a deal wherein the former will source 1.5GWh of energy storage capacity from the latter’s pumped storage projects located in the country.

The deal will offer Seretica’s industrial clients round-the-clock, dispatchable renewable energy.

As per the partnership, Serentica will utilize Greenko’s future Off Stream Closed Loop Projects (OCPSPs) in Madhya Pradesh and Andhra Pradesh. The agreement is aimed at providing assured renewable energy through a combination of energy storage, wind, solar, and balancing solutions.

Serentica has also inked three long-term power purchase agreements (PPAs),and is, at present, working on the development of 1.5GW of wind and solar power projects across India, such as in Maharashtra, Rajasthan, and Karnataka.

Pratik Agarwal, Director of Serentica Renewables, said that enabling the usage of renewable energy via the promotion of new and proven storage technologies would play a key role in large-scale decarbonization across India.

He explained that the added storage capacity would allow the firm to offer solutions fit for its customers’ requirements while transitioning to sustainable energy and offering reliable and deployable renewable power.

Anil Chalamalasetty, Founder and MD, Greenko, said that the group was one of the first movers in industrial decarbonization and was excited to collaborate with other developers for delivering renewable energy solutions.

He further said that a carbon-free energy solution was the way forward and would create a distinctive value proposition for India’s manufacturing sector, allowing it to expand into international markets which were otherwise inaccessible or less viable.

Serentica Renewables aims to install 5 GW of carbon-free generation capacity in the medium term, and plans of supplying more than 16 billion units of clean energy each year and deposing 20 million tons of CO2 emissions.

Earlier this month, Serentica secured an investment of $400 million from American global investor KKR.

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.