Serentica Renewables, a renewable energy developer in India, has signed a standalone energy storage capacity offtake contract with energy storage developer Greenko Group.
As part of this contract, Serentica will leverage Greenko’s energy storage capabilities to use a cumulative 1,500 MWh of capacity from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.
This deal will augment Serentica’s efforts to deliver round-the-clock, firm and dispatchable renewable energy to its industrial customers with an annual assurance of >95% and a 15-minute time-block assurance of >85%, according to a release.
“Long duration energy storage is critical to decarbonizing the country’s energy consumption and reducing greenhouse gas emissions,” said Pratik Agarwal, director, Serentica Renewables. “As we gear up to deliver round-the-clock renewable energy for our industrial customers, this unique energy storage capacity offtake contract with Greenko puts us on an accelerated trajectory in our mission to transition hard to abate, energy intensive industries to clean energy and help reverse climate change.”
As the world transitions to a clean energy future, energy storage solutions will play a vital role in ensuring a reliable and sustainable power supply, Serentica Renewables said. These advanced storage solutions help industries move away from captive thermal plants or other fossil fuel-based sources and rely on renewable energy for 100% of their electricity needs. Today, pumped storage hydropower is considered the most mature and widely used energy storage technology, accounting for over 95% of the world’s installed storage capacity.
Greenko Group has an installed capacity base of 7.3 GW across solar, wind and hydro generation technologies spread over about 100 projects across 15 states and delivering more than 20 billion units of renewable energy annually across the country. In October 2022, Greenko emerged as the lowest bidder in what it said might be “the world’s first and largest technology agnostic storage tender,” for 3,000 MWh, from NTPC Renewable Energy Limited, the renewable arm of NTPC Limited, India’s largest power generation company.
Serentica Renewables is a decarbonization platform that looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial and industrial segment, which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions.
