Serentica Renewables Enters into 1,500 MWhr Energy Storage Contract with Greenko

Serentica Renewables Gets Capital Infusion of INR 3000 Cr from REC

Serentica Renewables, a C&I focused renewable energy developer in India, has announced that it has signed a first-of-its-kind standalone energy storage capacity offtake contract with global energy storage developer, Greenko Group. As part of this contract, Serentica will leverage Greenko’s unique energy storage capabilities to utilise a cumulative 1,500 MWhr capacity from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.

Serentica says that this landmark deal will augment Serentica’s efforts to deliver round-the-clock, firm, and dispatchable renewable energy to its industrial customers with an annual assurance of >95% and a 15-min time-block assurance of >85%, adding that it will uniquely position the company as one of the select few renewable generator IPPs in the country that can offer a true round-the-clock solution.

Commenting on the milestone, Pratik Agarwal, Director, Serentica Renewables, said, “Long duration energy storage is critical to decarbonizing the country’s energy consumption and reducing greenhouse gas emissions. As we gear up to deliver round-the-clock renewable energy for our industrial customers, this unique energy storage capacity offtake contract with Greenko puts us on an accelerated trajectory in our mission to transition hard-to-abate, energy-intensive industries to clean energy and help reverse climate change.”

 Today, pumped storage hydropower (PSH) is considered as the most mature and widely used energy storage technology, accounting for over 95% of the world’s installed storage capacity.

Serentica’s medium term goal is to supply over 40 billion units of clean energy annually and displace 37 million tonnes of CO2 emissions. The firm has already secured investments worth $650 million from leading global investor KKR.

A week back, Serentica had announced signing over 1.25 GW of new Power Delivery Agreements with various industrial customers. This is in addition to the 580 MW PDAs signed in March, 2023.

Greenko is a dispatchable renewables firm that is known for building pumped storage projects. A few months back, NTPC Renewable Energy Ltd signed an agreement with Greenko Group subsidiary, Greenko ZeroC Pvt Ltd for 1300 MW RTC RE power.  ·

The idea of pumped storage projects is gathering steam in India and Andhra Pradesh, Karnataka, Madhya Pradesh are coming up as destinations for it. NHPC has set sights on developing Pumped Storage Projects (PSPs) in these states. Earlier in June, NHPC had signed agreements with the Maharashtra government to develop PSPs with a total of over 7000 MW capacity in the state.