Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on May 17 performed the first concrete pouring ceremony at the 5230 megawatt (MW) integrated renewable energy storage project in Pinnapuram.
The project, which is said to be one of the largest of the kind at a single location to store wind and solar capacities with an investment of about ?22,000 crore, is being implemented by Greenko Group and funded by Arcelor Mittal Group. The project comprises daily pumped storage of 10,800 MW, 3,000 MW solar and 550 MW of wind power
Appreciating the Greenko management for setting up the project, CM Jagan said he is extremely happy about the green project in Kurnool.
“This is a cost-effective and round the clock project. The beauty is that it is a mix of wind, solar and hydro. In the coming days, Andhra Pradesh will be at the forefront of green energy. About $3 billion is being invested in this project and ArcelorMittal is part of the endeavour. This would be a game changing project,” Mr. Jagan Mohan Reddy said.
He further stated that A.P. will offer ample opportunities for companies interested in investing in green energy and technologies. This will be a unique example in the country to look upto, he added.
Appreciating the policy support for the project at the national level and at the State, the Founder, CEO and MD of Greenko Group Anil Chalamalasetty said, “It’s a moment of great pride for Greenko that we have pioneered to deliver, ahead of global ambition of a 24/7 dispatchable renewable energy solution, for industrial decarbonisation and energy transition.”
“Andhra Pradesh is set to become an energy storage capital of India. This integrated solution is pivotal for the nation to become energy independent and establishes it as a leader of decarbonised economies,” Mr. Chalamalasetty added.
Greenko Group has an installed renewable energy capacity of 7.5 gigawatt across wind, solar and hydro and another 10 gigawatt of projects under development. The company has invested over $7.5 billion; with equity of over $2.5 billion and raised Global Green Bonds of over $5.0 billion over the last 10 years and today produces 18 BU’s (1~1.5%) of India’s total energy production.
Greenko is building an intelligent, lowest cost “Energy Cloud Storage Platform” of 50 GWh capacity to be commissioned by 2025 and expand to 100 GWh by 2027 along with green hydrogen production systems of 10 GW capacity by 2030.
It is majority-owned by two of the world’s largest Sovereign Wealth Funds, Government Investment Corporation (GIC) of Singapore and Abu Dhabi Investment Authority (ADIA) of Abu Dhabi, UAE along with Orix Corporation