Renewable energy firm Greenko Group, backed by marquee investors like Singapore's sovereign wealth fund GIC, Japan's Orix Corp and Abu Dhabi Investment Authority, will invest ₹10,000 crore to set up a pumped storage project near Gandhi Sagar in Madhya Pradesh’s Neemuch district.
“The project will be set up near Gandhi Sagar in Neemuch district with a daily storage capacity of 11 GWh," a release said.
The infirm renewable electricity stored in the pumped storage project during lean demand hours shall be later despatched to help meet the state’s evolving peak power demand thus resulting in considerable cost savings.
Besides, the project shall enable MP to meet its statutory RPO (Renewable Power Obligation) and the recently notified ESO (Energy Storage Obligation) targets.
“The Group is committed to transforming renewable energy from intermittent and inflexible energy to firm, dispatchable and on-demand energy controlled through digitisation and long duration storage solutions to support the economy-wide shift towards carbon-free energy," said Anil Chalamalasetty, CEO & MD, Greenko Group.
“The project of this scale has been possible due to policy support at national level and under the leadership and guidance of Madhya Pradesh Chief Minister Shivraj Singh Chouhan. Madhya Pradesh’s favourable topography and resources along with world class infrastructure will help us to build this project in a cost-effective and timely manner," he added.
The project is expected to provide employment to over 4,000 people. Greenko currently operates over 500 MW wind and solar capacities across five districts of Madhya Pradesh.
Greenko’s PSP is expected to be commissioned by December 2024 and will be connected to the Inter-State Transmission System network.
