The Greenko Group, one of India's leading energy transition companies, will invest Rs 10,000 crores in a Pumped Storage Project (PSP) near Gandhi Sagar in Madhya Pradesh's Neemuch district.
According to a release, the Greenko Group will set up the PSP with a daily storage capacity of 11 GWh (Gigawatt hours). The infirm renewable electricity stored in the PSP project during lean demand hours shall be later despatched to help meet the state's evolving peak power demand, thus resulting in considerable cost savings.
Besides, the PSP project shall enable MP state to meet its statutory RPO (Renewable Power Obligation) and the recently notified ESO (Energy Storage Obligation) targets.
This project is expected to provide employment to over 4,000 people. Greenko currently operates wind and solar of over 500 MW capacities, across five districts of Madhya Pradesh.
Greenko's PSP is expected to be commissioned by December 2024 and will be connected to the ISTS (Inter-State Transmission System) network.
Chief Executive Officer (CEO) and managing director (MD) of Greenko Group, Anil Chalamalasetty said, "The Group is committed to transforming renewable energy from intermittent and inflexible energy to firm, dispatchable and on-demand energy controlled through digitisation and long duration storage solutions to support the economy-wide shift towards carbon-free energy".
"The project of this scale has been possible due to policy support at national level and under the leadership and guidance of Madhya Pradesh Chief Minister Shivraj Singh Chouhan. Madhya Pradesh's favourable topography and resources along with world class infrastructure will help us to build this project in a cost-effective and timely manner," he added.
( With inputs from ANI )
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