Greenko Group said the world’s largest Integrated Renewable Energy Storage Project (IRESP) would be coming up in Andhra Pradesh’s Kurnool district with an investment of over $3 billion.
Chief Minister YS Jagan Mohan Reddy on Tuesday performed the first concrete pour ceremony of the project. The project is scheduled to get commissioned by the last quarter of 2023.
Greenko Group said this 5,230 MW IRESP will play a pivotal role in India attaining energy security and enabling global energy transition. The single location energy storage project will have wind and solar capacities. The project is being implemented with an investment of over $3 billion comprising pumped storage (10,800 MWh of daily storage), solar (3,000 MW) and wind (550 MW).
The project will help avoid 15 million tons of CO2 annually which is equivalent to emissions from three million cars.
“It’s a moment of great pride for Greenko that we have pioneered to deliver, ahead of global ambition of a 24/7 dispatchable renewable energy solution, for industrial decarbonization and energy transition,” said Anil Chalamalasetty, Founder, CEO and MD of Greenko Group.
Greenko is the world’s largest renewable energy storage and leading energy transition and decarbonisation solutions company. It has an installed renewable energy capacity of about 7.5 GW across wind, solar and hydro while 10 GW of projects are under development.
Greenko has invested over $7.5 billion; with equity of over $2.5 billion and raised Global Green Bonds of over $5 billion over the last 10 years.