KKR-backed Serentica seals 1.5-GWh energy storage deal with Greenko

November 15 (Renewables Now) - Indian renewable power and clean energy solutions provider Serentica Renewables has struck a deal with Greenko Group to source 1,500 MWh of energy storage capacity from its compatriot.

The contract will allow Serentica to deliver round-the-clock, firm and dispatchable renewable energy, the KKR & Co Inc-backed (NYSE:KKR) company said on Monday. Greenko will meet its obligations in the deal by providing capacity from its closed loop pumped storage projects at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh.

“The storage capacity will enable us to provide a customized solution that best meets our customer needs in transitioning to sustainable energy and providing firm, dispatchable renewable power,” said Pratik Agarwal, director of Serentica Renewables.

Serentica is focused on providing clean energy solutions for energy-intensive industries, mainly through long-term power off-take contracts. The platform currently has three power purchase agreements (PPAs) in place and is working on 1.5 GW of wind and solar power developments across the states of Karnataka, Rajasthan and Maharashtra.

Serentica’s medium-term goal is to install 5 GW of carbon-free power generation capacity and offer a combination of solar, wind, energy storage and balancing solutions. Earlier this month, the Indian firm secured a USD-400-million (EUR 384.9m) investment commitment from US private equity group KKR.

(USD 1.0 = EUR 0.962)