Greenko has secured a Rs 55 billion loan from Power Finance Corporation (PFC), a public sector undertaking to construct a river energy storage project in Andhra Pradesh. The loan tenure is for 20 years subject to an interest rate of 11 per cent annually. The repayment of the loan will start after the project is completed. The storage project is being built at a cost of Rs 76 billion of which the debt component is being funded by PFC. Greenko will contribute the remaining funds for construction as equity.
Following commissioning of the project, it will be granted a one-year moratorium during which no payments to the lender will be required. The storage facility has a capacity of 1,200 MW. The project for off-river energy storage entails the construction of two large water reservoirs at opposite ends of a gradient on a land area. During the day, solar energy will be used to pump water from the bottom reservoir to the top reservoir. During night, the water will be pumped down to generate hydro energy.
Recently in May 2022, the company announced about setting up a 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.
