In a statement, the company said that it would be the world’s largest integrated renewable energy storage project. The project is expected to help avoid 15 million tonnes of CO2 emissions which is equivalent to emissions from 3 million cars.
The project is being implemented with an investment of over $3 billion comprising pumped storage (10,800 MWh of daily storage), solar (3,000 MW) and wind (550 MW).
Addressing the ‘first concrete pour ceremony’, Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, on Tuesday said: “What Andhra Pradesh is showcasing (with the project) will be a triggering point for the entire country to follow in the days to come. The usage of fuel of fossil fuel would take a back seat and Renewable Energy front seat."
The chief minister said that the project envisages providing clean energy round the clock.
“We offer an exclusive opportunity for people interested in green power and decarbonizing the economies. Our topography is such that we have the capacity of 33,000 MW available in the state, and this project will show the country how green power can be generated," Reddy said.
Speaking on the occasion, Anil Chalamalasetty, Founder, CEO & MD, Greenko Group said that due to the state’s favourable topography for pumped storage power plants (PSP), Andhra Pradesh is set to become an energy storage capital of India.
“This integrated solution is pivotal for the nation to become energy independent and establishes it as a leader of decarbonized economies," he said.
The project is scheduled to get commissioned by last quarter of 2023.
Backed by the Government Investment Corporation (GIC) of Singapore and Abu Dhabi Investment Authority (ADIA) of Abu Dhabi along with Orix Corporation, Japan, Greenko Group has an installed renewable energy capacity of 7.5 GW across wind, solar and hydro capacities has 10 GW of projects under development.
The focus on clean energy and renewable energy storage comes on the backdrop of the government’s policy focus and Prime Minister Narendra Modi’s commitment at the COP-26 summit last November to achieve net zero carbon emission by 2070.
