Greenko

Nearly 19 GW of renewable energy capacity tendered by the Solar Energy Corporation of India (SECI) is on hold due to electric distribution companies’ unwillingness to sign the power purchase agreements. Manufacturing-linked solar projects alone account for a 63% share of the capacity in limbo.

Hyderabad-based RE developer Greenko Energies, which is developing over 40 GWh of pumped hydro storage projects in India, has partnered with NTPC to develop round-the-clock power supply solutions by integrating renewable energy sources and pumped storage.

Pumped hydro and battery projects, coupled with renewables, offer the world’s lowest peak clean electricity tariff. The tender, which received bids for for 1.62 GW of capacity against the 1.2 GW sought, saw Greenko secure 900 MW of pumped storage capacity and Renew Power 300 MW of battery storage.

Following a petition by National Solar Energy Federation of India (NSEFI), Tamil Nadu Electricity Regulatory Commission (TNERC) stated that the State Load Dispatch Centre (SLDC) cannot curtail renewable power at convenience.

This is the third round of Greenko investment by Singapore’s sovereign wealth fund GIC Holdings and Abu Dhabi Investment Authority (ADIA), taking their total in the Indian renewable energy firm to $2 billion.

Earlier, UK-based private equity investor had reportedly agreed to buy 685 MW of Essel’s solar power projects (including installed and under-construction) for around Rs 4,700 crore.

Of the total 9,538 MW of solar capacity commissioned between October 2017 and September 2018, Adani bagged the lion’s share at 11%, followed by Acme (7.5%) and Renew Power (7.3%), finds Bridge to India. The analyst company also tracks tariff trends between 2016 and now.

India’s electricity sector is transforming rapidly. A 50% decline in wind and solar tariffs since 2016 means renewable energy is now the lowest cost source of new generation. This has turned the established order in India on its head.

Hyderabad-based renewable energy major Greenko Group has abandoned plans to buy AT Capital-backed Orange Renewable.

Greenko Energies will set up India’s largest Integrated Renewable Energy Project (IREP) in Andhra Pradesh at an investment of INR 150 billion (US$2.2 billion). Recently approved by the Andhra Pradesh government, the project will comprise 1,000 MW of solar energy, 550 MW of wind energy and 1,200 MW of standalone pumped storage capacities. It is expected to provide employment to 15,000 people during construction and 3,000 people after construction.