The Greenko Group has announced a Rs 100 billion investment in a pumped storage project (PSP) near Gandhi Sagar in Madhya Pradesh’s Neemuch district. The company will build the PSP which will have a daily storage capacity of 11 GWh. The renewable electricity stored in the PSP project during lean demand hours will be dispatched later to assist in meeting the state’s evolving peak power demand resulting in significant cost savings. Furthermore, the PSP project will help Madhya Pradesh to meet its statutory Renewable Power Obligations (RPO) and the recently announced Energy Storage Obligation (ESO) targets.
This project is expected to employ over 4,000 people. Greenko currently operates over 500 MW of wind and solar capacity across five districts in Madhya Pradesh. Greenko’s PSP will be operational by December 2024 and will be linked to the Inter-State Transmission System (ISTS) network.
Recently in December 2022, 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.
