The Greenko Group is setting up the world’s largest renewable energy storage plant in Kurnool, Andhra Pradesh. The 5,230 MW project is being set up at a cost of $3 billion. The project will have a total capacity of 3 GW of solar power, 550 MW of wind power, and 1,680 MW of pump storage capacity for six hours. ArcelorMittal has invested around $600 million in the project. ArcelorMittal’s investment will be used to construct 1 GW of solar energy capacity for the project. The project is expected to be commissioned by 2023.
Reportedly, this project is part of Greenko’s plans to build an intelligent ‘Energy Cloud Storage Platform’ with 50 GWh of daily storage capacity by 2025 and 100 GWh by 2027. Greenko has raised $750 million in green bonds to finance the project’s debt. The initiative is expected to help avoid 15 million tonnes of carbon dioxide each year, which is equivalent to reducing emissions from three million cars. Furthermore, the Kurnool project is the first of four energy storage projects planned by the company. Other projects are planned for Karnataka, Madhya Pradesh, and Rajasthan, with a total investment of $5 billion by 2025.
In April 2022, Greenko ZeroC (GZC), a subsidiary of Greenko Group, an Indian clean-tech company, and John Cockerill, a Belgium-based manufacturer of high-capacity alkaline electrolysers, agreed to a 50:50 joint venture to set up a green hydrogen electrolyser factory in the Indian subcontinent. The two companies would build a hydrogen electrolyser gigafactory with a capacity of 2 GW, which is aimed at substituting 8 per cent of India’s LNG imports.