One of India’s most prominent energy transition companies, the Greenko Group will invest Rs 10,000 crores into a Pumped Storage Project near Gandhi Sagar, Madhya Pradesh’s Neemuch.
According to a press release, the Greenko Group will establish the PSP with a daily storage capability of 11 GWh. The state will use the infirm renewable electricity that is stored in the PSP project during peak demand hours to meet its evolving peak power needs. This will result in significant cost savings.
The PSP project will also enable the MP state to meet its RPO (Renewable Power Obligation), and recently notified ESO (Energy Storage Obligation) targets.
The project will provide jobs for more than 4,000 people. Greenko currently operates solar and wind power of more than 500 MW in five Madhya Pradesh districts.
Greenko’s PSP will be commissioned by December 2024. It will also be connected to the ISTS network.
Anil Chalamalasetty, Greenko Group’s Chief Executive Officer (CEO), and managing director (MD), stated that “The Group is committed in transforming renewable energy into intermittent and inflexible energies to firm, dispatchable, and on-demand energy controlled by digitisation and long-term storage solutions to support economy-wide transition towards carbon-free energy.”
“The Madhya Pradesh Chief Minister Shivraj Singh Chouhan led and guided the project to this scale. This was possible because of policy support at the national level. He said that Madhya Pradesh’s favorable topography and rich resources, as well as its world-class infrastructure, will allow us to construct this project cost-effectively and on time.