The project being developed in Andhra Pradesh, India, will have 1.68GW of pump storage capacity, 3GW of solar power capacity, and 550MW of wind power capacity
Greenko Group has started construction on the 5.23GW Pinnapuram integrated renewable energy storage project (IRESP) in the Indian state of Andhra Pradesh with an investment of more than $3bn.
The first concrete pour for the project in Orvakal mandal in Kurnool district was done by Andhra Pradesh Chief Minister YS Jagan Mohan Reddy.
According to Greenko Group, the renewable energy storage project will have 1.68GW of pump storage capacity, 3GW of solar power capacity, and 550MW of wind power capacity.
The Indian renewable energy company expects to commission the project by Q4 2023.
Reddy said: “What Andhra Pradesh is showcasing with this project will be a triggering point for the entire country to follow in the days to come. I am confident that with this project, the usage of fossil fuel would take a backseat and renewable energy front seat.”
Greenko Group had raised $750m of green bonds to finance the debt of the integrated renewable energy project.
The company said that the project features an off stream closed loop standalone storage system for achieving high efficiency, grid scale, low cost long duration energy storage.
The Pinnapuram renewable energy storage project is underpinned by multiple agreements, which include a power purchase agreement (PPA) for 900MW with various Indian states through Solar Energy Corporation of India (SECI).
Greenko Group had also signed an energy storage and service agreement with National Infrastructure & Investment Fund (NIIF) promoted Ayana Renewables.
The project will help offset 15 million tonnes of CO2 emissions per annum. It will also enable production of green hydrogen and green molecules.
Greenko Group founder, CEO, and MD Anil Chalamasetty said: “It’s a moment of great pride for Greenko that we have pioneered to deliver, ahead of the global ambition of a 24/7 dispatchable renewable energy solution, for industrial decarbonisation and energy transition.
“Andhra Pradesh is set to become the 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.”