Greenko Group and Ayana Renewable Power Private Limited join hands to develop firm and dispatchable renewable energy solutions up to 1 GW based on respective capabilities in energy storage and renewable energy – EQ Mag Pro
Hyderabad/ Bangalore : In a first of its kind partnership, Greenko Group and NIIF backed Ayana Renewable Power Private Limited (Ayana) have entered into an arrangement to provide standalone storage capacity to develop firm and dispatchable RE solutions including Round-the-Clock power supply (RTC) of up to 1 GW. This will be offered to various Industries and Distribution companies in India.
Greenko Group has offered in total 1,000 MW of storage capacity including 250 MW of storage capacity in the first tranche from its unique Off Stream Closed Loop Pumped Storage Project (OCPSP) being developed at Pinnapuram, Andhra Pradesh.
The cooperation sets a template for storage transactions in the country and is in line with the focus of Ministry of Power/ Ministry of New and Renewable Energy to create a standalone storage market in India. Such integrated renewable energy and storage projects, offering solutions superior to conventional energy sources in terms of dispatchability and round-the-clock supply, are testimony to the maturity of the renewable sector in India,. This path breaking transaction is also a first in which two Independent Power Producers have joined hands to facilitate decarbonization goals of various customers in the Industrial segment in India. India has committed to enabling 500 GW of RE capacityby 2030 and reducing emissions intensity of the GDP by 45% by 2030.
About Greenko Group:
Greenko Group has an installed capacity base of 7.3 GW across solar, wind and hydro generation technologies spread over ~100+ projects across 15 states and delivering 20+ Bn units of renewable energy annually across the country constituting ~1.5-2% of total India electricity needs.
Greenko Group is World’s largest energy storage company and one of the largest clean energy companies globally. The Group is focused on enabling carbon neutral solutions to achieve net zero goals of corporates and global economies at scale through its intelligent energy platform and green hydrogen production systems. Company has under construction 30 Giga Watt Hours of lowest cost storage capacity as part of its plan in developing energy storage cloud platform of 100 Giga Watt Hours.
About Ayana Renewable Power Private Limited:
Ayana Renewable Power Private Limited (“Ayana”), founded in 2018 and headquartered in Bangalore, is a majority owned company of the National Investment and Infrastructure Fund (NIIF). CDC Group, the UK’s development finance institution that will shortly be renamed British International Investment, and EverSource Capital managed Green Growth Equity Fund (GGEF) are other shareholders in the platform.
The platform develops utility-scale renewable power solar, wind and RE hybrid projects across India to build cost-effective capacity.
Ayana is currently engaged in the development and management of over 3.59 GWac of Solar, Wind and Hybrid power projects across multiple Indian states and has an operational capacity of 1.19 GWac of renewable energy projects across states of Andhra Pradesh, Karnataka and Rajasthan. Ayana has long term power purchase agreement with highly accredited Government Agencies and is one of the largest renewable energy companies in India.
