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Greenko Energies (Greenko) and NTPC Vidyut Vyapar Nigam Ltd. (NVVN), a wholly owned subsidiary of NTPC Ltd, have entered into a Memorandum of Understanding (MoU) to explore the possibility of development of Renewable Energy based round-the-clock (RTC), flexible and despatchable power.
This arrangement will be for the round-the-clock supply and be based on integration of renewable energy (RE) sources and Pumped Storage projects. The value proposition of the potential offering will be to meet the evolving bespoke requirements of Discoms and other power consumers in India in real-time.
Affordable energy storage is critical to the sustained growth of renewables, grid balancing and address limited generation flexibility in the Indian energy market.
Such a power source shall be one of the lowest cost storage solutions at around $85/MWh compared to battery storage systems, currently being imported primarily from China, at around $200 MWh (forecasted to reached $100/MWh by 2030) with limited life cycles.
Greenko is one of the largest RE developers in India with total asset base of 6.4 GW (operational and near-term portfolio). The company is backed by two sovereign funds, GIC and Abu Dhabi Investment Authority.
The Hyderabad-based renewable eneregy company Greenko is developing and building over 40 GWh of pumped hydro storage projects across 6 States in the country. The pumped hydro storage projects taken up by Greenko, align with the vision of Atmanirbhar Bharat of Prime Minister Narendra Modi..
NVVN, holding the highest category Trading License ‘I’ issued by CERC, is a leading Power Trading Company with strong footprint in domestic and cross border market. NVVN is currently expanding its portfolio into RE both solar and non- Solar and E-Mobility segments.
Mahesh Kolli , President of Greenko, said “We are creating a new energy market that lays focus on renewable energy and brings in flexibility of round the clock supply. While the green energy from renewables is good but is not firm, the brown energy that comes from Coal is inflexible. So the effort will be to have firm, flexible and green power.”
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