New Delhi: Y. S. Jagan Mohan Reddy, Chief Minister of Andhra Pradesh, Wednesday performed the “first concrete pour ceremony” for the world’s largest Integrated Renewable Energy Storage Project (IRESP), being implemented by Greenko Group, at Kurnool District, Andhra Pradesh. The 5,230 MW Integrated Renewable Energy Storage Project promises to play a pivotal role in India, attaining energy security and enabling global energy transition.
According to a statement issued by the company, this is a first-of-its-kind single-location energy storage project with wind and solar capacities. This project is being implemented with an investment of over US$3.0 billion comprising Pumped Storage (10,800 MWh of daily storage), Solar (3000 MW) and Wind (550 MW).
Noting that history is being created with the project, Reddy said on the occasion: “What Andhra Pradesh is showcasing (with the project) will be a triggering point for the entire country to follow in the days to come. The usage of fuel of fossil fuel would take a back seat and Renewable Energy front seat.”
He added that the project envisages clean energy round the clock.
“We offer an exclusive opportunity for people interested in green power and decarbonizing the economies. Our topography is such that we have the capacity of 33000 Mega Watt available in the state, and this project will show the country how green power can be generated,” the CM said.
Speaking on the occasion, Anil Chalamalasetty, Founder, CEO & MD, Greenko Group, said: “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.”
He added: “Given the State’s favourable topography for PSPs, Andhra Pradesh is set to become an energy storage capital of India. This integrated solution is pivotal for the Nation to become energy independent and establishes it as a leader of decarbonized economies.”
The project is scheduled to get commissioned by last quarter of 2023.
Greenko Group, with an installed Renewable Energy capacity of ~7.5 GW across wind, solar and hydro capacities, has ~10 GW of projects under development.
In the statement, the company said it has invested over US$7.5 billion,; with an equity of over US$2.5 billion, and raised Global Green Bonds of over US$5.0 billion over the last 10 years, and today produces 18 BU’s (1~1.5%) of India’s total energy production.
Greenko is majority-owned by the Government Investment Corporation (GIC) of Singapore and the Abu Dhabi Investment Authority (ADIA) of UAE, along with Orix Corporation, Japan, and founders Anil Chalamalasetty and Mahesh Kolli.