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Greenko Group, India’s foremost energy transition company, and NIIF-backed Ayana Renewable Power (Ayana), have entered into an arrangement to provide standalone storage capacity in a template that sets a standard for such transactions in India. Under the partnership, the companies will develop firm and dispatchable renewable energy solutions including round-the-clock power supply of up to 1 GW to industry and distribution companies in India.
Greenko Group has offered in total 6,000 MWhr of storage capacity including 1500 MWhr of storage capacity in the first tranche from its proprietary ‘Off Stream Closed Loop Pumped Storage Project’ being developed at Pinnapuram, Andhra Pradesh.
Commenting on the cooperation, Mahesh Kolli, Founder, President and Joint Managing Director of Greenko said: “This partnership between Ayana and Greenko is in line with the Ministry of Power and Ministry of New and Renewable Energy mission to create a standalone storage market in India. Such integrated renewable energy and storage projects, offering solutions superior to conventional energy sources in terms of dispatchability and round-the-clock supply, reflect the growing maturity of the renewable sector in India.”
Mr Shivanand Nimbargi, Managing Director and CEO of Ayana Renewable Power added “This transaction marks the first time two Independent power producers have joined hands to facilitate the decarbonization goals of industrial clients in India by developing storage infrastructure that will support India’s commitment to create 500 GW of RE capacity by 2030 and reducing emissions intensity of GDP by 45% by 2030.”
