Serentica Renewables collaborates with Greenko Group for carbon-free power
November 19, 2022 5:16 pm
November 19, 2022 5:16 pm
This partnership is expected to fast-track decarbonisation of hard-to-abate, energy-intensive industries in India.
Serentica Renewables (“Serentica” or the “Company”), a decarbonization platform that seeks to accelerate the energy transition for energy-intensive industries, entered into an agreement with Greenko Group to source 1500 MWh of energy storage capacity through Greenko’s pumped storage projects located in India. As part of this partnership, Serentica will leverage 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 arrangement will enable Serentica to deliver round-the-clock, firm, and dispatchable renewable energy to its various industrial clients.
Serentica is focused on industrial decarbonization and aims to provide assured, renewable energy through a combination of solar, wind, energy storage, and balancing solutions. Currently, the company has entered into three long-term Power Purchase Agreements (PPAs) and is in the process of developing 1,500 MW of solar and wind power projects across various states, including Karnataka, Rajasthan, and Maharashtra. Serentica’s medium-term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies, supply over 16 billion units of clean energy annually, and displace 20 million metric tonnes of CO2 emissions. Serentica recently announced an investment deal of $400 million with global investment firm KKR.
Energy storage solutions, like pumped storage systems, have assumed immense significance today given the increased adoption of renewable energy and its inherent variability. Presently, the major technology of energy storage globally is pumped storage hydropower (PSH), which contributes more than 95% of the total installed storage capacity.
Commenting on the cooperation, 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 decarbonization 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 customised solution that best meets our customers’ needs in transitioning to sustainable energy and providing firm, dispatchable renewable power.”
As energy demands continue to rise along with India’s developmental needs and prosperity, there is significant potential for renewable energy to play an important role in meeting the energy needs of the industrial sector in a sustainable manner.