Vedanta backed Serentica Renewables, Greenko Group In1500 MWhr Industrial Storage Deal

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Vedanta resources backed Serentica Renewables, a decarbonization platform that seeks to accelerate the energy transition for energy-intensive industries, has entered into an agreement with Greenko Group, to source 1500MWhr energy storage capacity through Greenko’s pumped storage projects located in India.

As part of this partnership, Serentica will capitalise on Greenko’s energy storage capacity from its upcoming Off Stream Closed Loop Pumped Storage Projects (OCPSP) at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh. This partnership will make it possible for Serentica to deliver round-the-clock, firm, and dispatchable renewable energy to its various industrial clients.

Speaking about the partnership, Pratik Agarwal, Director of Serentica Renewables, said, “Facilitating the usage of renewable energy through the promotion of both new and proven storage technologies will hold the key to large scale decarbonisation in India. We are excited to partner with Greenko in our endeavour to accelerate India’s energy transition towards a carbon neutral future. The storage capacity will enable us to provide a customized solution that best meets our customer needs in transitioning to sustainable energy and providing firm, dispatchable renewable power.”

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Anil Chalamalasetty, Founder and Managing Director of Greenko, said, “Greenko is among the first mover in Industrial Decarbonization and is happy to collaborate with other RE developers in enabling such solutions. Our contract with Serentica is another example of the long-term sustainability of energy storage backed carbon free energy solutions. We strongly believe that carbon free energy solution is the way forward and can create a distinct value proposition for Indian manufacturing sector and allow it to target international markets hereto inaccessible and/ or less viable. We, at Greenko, are developing multiple pumped storage assets, one of the most competitive and sustainable energy storage technologies globally.”

Serentica’s Current Projects

Serentica has set its sights on industrial decarbonization and looks at providing assured, renewable energy by combining solar, wind, energy storage and balancing solutions. Presently, the firm has signed  three long-term Power Purchase Agreements (PPAs) and is in the process of developing 1,500 MW of solar and wind power projects that will be established across states such as Karnataka, Rajasthan, and Maharashtra.

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Serentica has revealed its medium term goal, which is to install 5,000 MW of carbon-free generation capacity along with different storage technologies. Towards this goal, it will supply over 16 billion units of clean energy every year and displace 20 million tonnes of CO2 emissions.

In what could be termed as one of the largest decarbonisation investments in India presently, Serentica has secured $400 million investment from KKR, a global investment firm.

Greenko’s Mega PSH Project

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In March 2022, Greenko announced that it was in the process of establishing four hydro pump storage projects boasting of a capacity of 60,000 MW/hr. These goals will reach fruition in year 2025, the firm revealed. The firm also said that the project will help address the industry’s needs for stable green power supply at a time when the world is confronting the challenge of rising costs associated with coal.

Rising Demand for ESS

As energy demands continue to rise alongside India’s developmental needs and prosperity, there is significant potential for renewable energy to play an important role in meeting energy needs of the industrial sector in a sustainable manner.

Energy storage solutions, like pumped storage systems, has assumed immense significance today given the increased adoption of renewable energy with its inherent variability. Presently, the major technology of energy storage globally is pumped storage hydropower (PSH) and contributes more than 95% of the total installed storage capacity.

Speaking of Energy Storage Systems, Battery Energy Storage Systems are poised to take the Indian market by storm. As per one report, it is expected to record a CAGR of close to 10.5% during the forecast period of 2022-2027.