VIJAYAWADA: Chief Minister YS Jagan Mohan Reddy will lay the foundation stone for the world’s largest 5,230 MW Integrated Renewable Energy Storage Project undertaken by Greenko Group in Kurnool district on Tuesday.The project is part of the largest ‘Energy Cloud Storage Platform’ of 50 GWh daily storage capacity by 2025 and 100 GWh by 2027. The Energy Cloud is critical and mandatory for energy transition and the lowest cost green molecules production globally.
Greenko contributes 10% of renewable energy and 1.5% of total energy in India with a total capacity of 7500 MW through wind, solar and hydropower. The project coming up in Andhra Pradesh is a crucial step in the direction of turning India self-reliant (Atma Nirbhar Bharat) in renewable energy by achieving 500 GW capacity by 2030 as desired by Prime Minister Narendra Modi.
The project entails an investment of over $3 billion and has raised $750 million of Green Bonds to finance the debt of the project, a first for an under-construction storage project globally, which opens up the bond markets to finance the renewable energy (RE) and sustainable growth of the country.
The unique storage project consists of an ‘Off Stream Closed Loop Standalone Storage System’ which achieves the highest efficiency, grid-scale, low-cost long-duration energy storage that achieves time-shifting of renewable energy to simultaneously serve multiple customers across the country with multiple products and service offerings like RE Peak Power, RE Round-the-Clock, Flexible Energy Contracts, Storage and Grid Ancillary Services.