Adani Group has partnered with energy transitions company Greenko Group to utilise standalone long-duration hydro energy storage capacity to provide round-the-clock energy to the former's facilities in India.
A joint statement from both the companies said that the partnership demonstrates Adani’s and Greenko’s commitment and vision for large-scale integration of renewable energy.
Under the partnership, firm and dispatchable renewable energy solution including round-the-clock power supply of up to 1GW will be supplied to Adani Group’s proposed industrial complex. Greenko has offered 6 Gigawatt-Hours (GWh) of long duration hydro storage capacity from its proprietary ‘Off-Stream Closed-Loop Pumped Storage Project’ under development at Madhya Pradesh and Rajasthan.
Last month, National Investment and Infrastructure Fund’s (NIIF) Ayana Renewable Power Pvt. Ltd. partnered with Hyderabad-based Greenko to store 6-gigawatt hour (GWh) of power in hydro pump storage plants that Greenko is building at Pinnapuram in Andhra Pradesh.
The idea is to use cheap green power during off-peak hours to raise water to a height and then release it into a lower reservoir to generate electricity when the demand for electricity goes up.
Renewable energy and energy storage received a major focus in this year's Union Budget. The budget announced the inclusion of energy storage systems such as dense charging infrastructure and grid-scale battery systems in the harmonized list of infrastructure, making it easier for such projects to raise funds.
Backed by GIC Holdings Pte Ltd, Abu Dhabi Investment Authority and Japan’s ORIX Corp., Greenko has India’s largest operational clean energy portfolio of 7.3 GW and is building 30 GWh of storage capacity as part of its plan to set up an energy storage cloud platform of 100 GWh.
Greenko Group's installed capacity portfolio is spread across solar, wind and hydro generation technologies with over 100 projects across 15 states and delivering more than 20 billion units of renewable energy annually across the country constituting 1.5-2% of total India electricity needs.
Adani Group is a diversified organisation in India with market cap of over $100 billion comprising seven publicly traded companies. The group is also giving a major focus on renewable energy as it aims to become the world's largest renewable energy company with significant emphasis on hydrogen.
After announcing in November 2021 to invest $70 billion in the new energy space of the next decade, the Gautam Adani's logistics-to-energy conglomerate in January 2022 announced the setting up of a new subsidiary, ANIL to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries.
