Serentica Renewables has entered into an agreement with Greenko Group to source 1500MWhr energy storage capacity through Greenko’s pumped storage projects located in India.
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, and dispatchable renewable energy to its various industrial clients.
Serentica 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 and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions. Serentica recently announced an investment deal of $400 million from global investment firm KKR.