Greenko bags NTPC REL’S auction for 3 GWh ISTS energy storage projects

Greenko Group has bagged the NTPC Renewable Energy’s (NTPC REL) auction to establish 3 GWh interstate transmission system (ISTS)-connected energy storage systems. Greenko was awarded the entire capacity after quoting Rs 2.79 million per MWh per year. The bid was conducted on an evaluated price basis which means that the annual storage charges will be adjusted for cycle efficiency and have an availability over a 25-year period. 

IndiGrid 1, JSW Neo Energy, Enel Green, and Hinduja Renewables were among the other companies that bid in the auction. The projects will be built using a build-own-operate model. The energy storage facility will be used by NTPC Renewable Energy to meet its round-the-clock renewable energy needs with a wind-solar profile. Based on the terms and conditions of the request for selection, the company will enter into a 25-year energy storage service agreement with the selected bidder on an annual fixed charge basis.

The tender was issued in January 2022 and stated that storage projects that had already been commissioned will not be considered, but projects that were under construction or had not yet been commissioned will be considered if they had not already been accepted under other central or state programmes.