The Gurugram-headquartered distributed solar energy company has acquired Sterling and Wilson’s 7.2 MWp of on-site rooftop solar projects across seven Indian states.
Following 75 MW solar assets in Telangana, Adani Green Energy has completed the acquisition of 20 MW PV assets in Uttar Pradesh for INR 133 crore.
Under the joint venture, Sterling and Wilson will provide end-to-end services for electric vehicle charging stations across India.
“Efficient and economically viable energy storage, and optimal hybridization, are crucial for ensuring the expansion of renewable power generation both at the grid and micro-grid scale,” says Deepak Thakur, chief executive officer for the hybrid and energy storage business of Sterling and Wilson. He has spoken to pv magazine about the accelerated proliferation of renewables-plus-storage across markets.
The latest project is another African opportunity for the India-based EPC player after successfully commissioning Nigeria’s first solar-plus-storage hybrid power plant, which is also Africa’s largest battery energy storage system.
The global hybrid energy market, including energy storage, is projected to touch $40 billion by 2025. It is an opportunity that India has capitalized upon, earlier than others.
While the solar and storage pairing is still relatively new, the growth over the next five years will be significant globally. As against just 5% in 2019, by 2025 more than 25% of all behind-the-meter solar systems will be paired with storage.
The Indian multinational EPC has this week unveiled a new global division that will focus on the development of power+storage hybrid solutions. The new unit will focus initially on lighting up remote islands and has an installation target of 1 GW.
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