New Delhi: Serentica Renewables, a decarbonization platform backed by PE fund KKR & Co, has entered into an agreement with Greenko Group for 1500 MWhr of storage capacity to deliver carbon-free power to industrial clients.
“As part of this partnership, Serentica will leverage Greenko’s energy storage capacity from its upcoming Off Stream Closed Loop Pumped Storage Projects (OCPSP) at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh,” the company said in a statement.
This arrangement will enable Serentica to deliver round-the-clock, firm, and dispatchable renewable energy to its various industrial clients, it stated.
Serentica is focused on industrial decarbonization and aims to provide renewable energy through a combination of solar, wind, energy storage and balancing solutions.
Currently, the company has entered into three long-term Power Purchase Agreements (PPAs) and is in the process of developing 1,500 MW of solar and wind power projects across various states, including Karnataka, Rajasthan, and Maharashtra.
Serentica’s medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions, added the statement.
“Facilitating the usage of renewable energy through the promotion of both new and proven storage technologies will hold the key to large scale decarbonisation in India. We are excited to partner with Greenko in our endeavour to accelerate India’s energy transition towards a carbon neutral future. The storage capacity will enable us to provide a customized solution that best meets our customer needs in transitioning to sustainable energy and providing firm, dispatchable renewable power,” said Pratik Agarwal, director of Serentica Renewables.
“Greenko is among the first mover in Industrial Decarbonization and is happy to collaborate with other RE developers in enabling such solutions. Our contract with Serentica is another example of the long-term sustainability of energy storage backed carbon free energy solutions. We strongly believe that carbon free energy solution is the way forward and can create a distinct value proposition for Indian manufacturing sector and allow it to target international markets hereto inaccessible and/ or less viable,“ said Anil Chalamalasetty, founder and managing director of Greenko.
Established in 2022, Serentica Renewables is 100% held by Twinstar Overseas Ltd, which also owns controlling stakes in Sterlite Power Transmission Ltd and Sterlite Technologies Ltd.
Greenko Group has an installed capacity base of 7.3 GW across solar, wind and hydro generation technologies spread over 100+ projects across 15 states.
