On 25th August 2020, Greenko Energies Private Limited, hyderabad based energy solution provider entered into a Memorandum of Understanding(MoU) with NTPC Vidyut Vyapar Nigam(NVVN), a wholly-owned subsidiary of NTPC limited to explore renewable energy power supply solution and energy storage.
Objective of the MoU:
To explore the possibility of development of Renewable Energy (RE) based Round-the-clock (RTC), flexible and dispatchable power supply offering based on integration of sources of renewable energy and Pumped Storage projects.
i.The value proposition of the potential offerings will meet the requirements of electricity distribution companies (discoms) and other power consumers in India.
ii.Affordable energy storage is important to the sustainable growth of renewables, grid balancing and addresses the limited generation flexibility of the Indian energy market.
iii.This comes under the framework of India’s World largest clean energy programme, a part of global climate change commitments, which aims to have 175 GW of clean energy by 2022.
Other Pumped Storage Projects of Greenko:
i.The storage of energy is the key factor to provide the on demand electricity from solar and wind energy projects.
ii.The pumped hydro storage projects of Greenko are supported by two funds, General Insurance Corporation (GIC) Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA).
iii.Compared to the battery storage systems that are imported from China for around 200USD per megawatt hour (Mwh) with a limited life cycle, the pumped storage projects shall be one of the lowest cost storage solution, at around 85 USD/Mwh (around rs.6300/Mwh).
The cost of China’s battery storage systems is expected to reach 100 USD/Mwh by 2030.
India’s green energy projects account for more than a fifth of the total installed power generation capacity of 370 GW.
Recent Related News:
i.Oil and Natural Gas Corporation Limited (ONGC) and NTPC have signed a preliminary agreement to set up a joint venture for a renewable energy project and entered into a MoU.
ii.NTPC signed an MoU with CPCB (Central Pollution Control Board) to provide financial support for installation & commissioning of Continuous Ambient Air Quality Monitoring Stations (CAAQMS).
About Greenko Energies:
Founder, CEO & MD– Anil Kumar Chalamalasetty
Founder, President & Joint MD– Mahesh Kolli
Headquarters– Hyderabad, Telangana
About NTPC Vidyut Vyapar Nigam(NVVN):
CEO– Mohit Bhargava
Headquarters– New Delhi
NTPC is working on expanding green energy and exploring the opportunity to acquire 1000 megaWatt(MW) of operation solar power projects, as a part of its aim to achieve a 32 GW clean energy portfolio by 2032.