Studying Time: 3 minutes
Serentica Renewables (Serentica), a decarbonization platform that seeks to speed up the power transition for energy-intensive industries, entered into an settlement with Greenko Group, to supply 1500MWhr power storage capability via Greenko’s pumped storage tasks situated in India. As a part of this partnership, Serentica will leverage Greenko’s power storage capability from its upcoming Off Stream Closed Loop Pumped Storage Tasks (OCPSP) at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh. This association will allow Serentica to ship round the clock, agency, and dispatchable renewable power to its varied industrial purchasers.
Serentica is targeted on industrial decarbonization and goals to supply assured, renewable power via a mix of photo voltaic, wind, power storage and balancing options. At the moment, the Firm has entered into three long-term Energy Buy Agreements (PPAs) and is within the means of growing ~1,500 MW of photo voltaic and wind energy tasks throughout varied states together with Karnataka, Rajasthan, and Maharashtra. Serentica’s medium time period aim is to put in 5,000 MW of carbon-free era capability coupled with completely different storage applied sciences and provide over 16 billion models of fresh power yearly and displace 20 million tonnes of CO2 emissions. Serentica lately introduced an funding deal of $400 million from world funding agency, KKR.
Power storage options, like pumped storage techniques, has assumed immense significance right this moment given the elevated adoption of renewable power with its inherent variability. Presently, the foremost know-how of power storage globally is pumped storage hydropower (PSH) and contributes greater than 95% of the overall put in storage capability.
Commenting on the cooperation, Pratik Agarwal, Director of Serentica Renewables, mentioned,“ Facilitating the utilization of renewable power via the promotion of each new and confirmed storage applied sciences will maintain the important thing to massive scale decarbonisation in India. We’re excited to accomplice with Greenko in our endeavour to speed up India’s power transition in the direction of a carbon impartial future. The storage capability will allow us to supply a custom-made answer that greatest meets our buyer wants in transitioning to sustainable power and offering agency, dispatchable renewable energy.”
Anil Chalamalasetty, Founder and Managing Director of Greenko, mentioned: “Greenko is among the many first mover in Industrial Decarbonization and is joyful to collaborate with different RE builders in enabling such options. Our contract with Serentica is one other instance of the long-term sustainability of power storage backed carbon free power options. We strongly consider that carbon free power answer is the best way ahead and may create a definite worth proposition for Indian manufacturing sector and permit it to focus on worldwide markets hereto inaccessible and/ or much less viable. We, at Greenko, are growing a number of pumped storage property, some of the aggressive and sustainable power storage applied sciences globally.”
As power calls for proceed to rise alongside India’s developmental wants and prosperity, there’s important potential for renewable power to play an necessary function in assembly power wants of the commercial sector in a sustainable method.