Sector: Power
Capacity: Over 2,400 MW
Investment: Over Rs 150 billion
Ownership: Private
Location: Karnataka and Andhra Pradesh
Implementing agency: Greenko Energy Holdings
Expected completion: 2022-23
This first-of-its-kind multi-GW scale project will harness solar, hydro and wind power to supply firm dispatchable renewable power to the grid round the clock. For the hydro component, Greenko has secured equity commitment for two pumped storage projects (PSPs) with a total capacity of 2.4 GW (1.2 GW in Pinnapuram and 1.2 GW in Saundatti), expected to be completed and operational by 2022. The project will involve an overall outlay of $2 billion (Rs 150 billion). Greenko has also secured financial closure for the Pinnapuram storage project and is at an advanced stage of discussions for the Saundatti project. In 2019, Greenko raised $495 million from GIC and the Abu Dhabi Investment Authority as funding for 1.2 GW of storage projects. In 2020, Greenko won the largest ever storage project tender launched by SECI, securing rights to build 900 MW of renewable capacity with storage.