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India’s Greenko Gets $495 Million For 2.4 Gigawatts of Energy Storage Projects

Source Name: 
Clean Technica
Source Url: 
https://cleantechnica.com/2019/06/13/indias-greenko-gets-495-million-for-2-4-gigawatts-of-energy-storage-projects/

One of India’s leading renewable energy project developers has achieved a major milestone in implementation of two ambitious energy storage projects in the states of Andhra Pradesh and Karnataka. Media outlets recently reported that Greenko Energy Holdings managed to secure equity investment worth $495 million to fund two pumped hydro energy storage projects it is currently working on in the southern state of Andhra Pradesh. The equity investments have been made by Singapore government-backed group GIC and the Abu Dhabi Investment Authority (ADIA). The funds will be used towards the implementation of pumped hydro energy storage projects at Pinnapuram and Saundatti. The total cost for both the projects is estimated at $2 billion. The company is said to have achieved financial closure for the Pinnapuram Storage Project while it is in negotiations to achieve the same for the Saundatti Project. The Pinnapuram Integrated Renewable Energy Storage Project (IRESP), located in Andhra Pradesh, will consist of 2 gigawatts of solar power and 2 gigawatts of wind energy capacity with pumped hydro storage capacity of 8,000 MWh. The project shall be designed for a discharge duration of eight hours. The project is estimated to generate 2.77 billion kilowatt-hours of energy every year at a cycle efficiency of 76.1%. The Saundatti Integrated Renewable Energy Storage Project (IRESP), located in Karnataka, will consist of 2 gigawatts of solar power and 2 gigawatts of wind energy capacity with pumped hydro storage capacity of 9,600 MWh. The project shall be designed for a discharge duration of eight hours. The project is estimated to generate 3.32 billion kilowatt-hours of energy every year at a cycle efficiency of 76.7%. The two projects will give Greenko a major headway in terms of access to dispatchable renewable energy, an asset whose value will increase significantly as renewable energy capacity in the country increases sharply over the next few years. Greenko Energy Holdings is backed by GIC and ADIA and has made large acquisitions to become one of the largest independent renewable energy generators in India. The company acquired Orange Renewables, a wind energy developer and also bought assets of SunEdison India when its US parent filed for bankruptcy. Greenko also holds the record to have raised $1 billion through Asia’s largest green energy bond.