Serentica Renewables, a prominent renewable energy developer focused on commercial and industrial (C&I) sectors in India, has entered into a groundbreaking standalone energy storage capacity offtake contract with global energy storage developer, Greenko Group. This agreement marks the first of its kind in the industry and involves Serentica utilizing a combined 1,500 MWhr capacity from Greenko’s upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.
The deal represents a significant milestone for Serentica as it enables the company to provide uninterrupted, firm, and dispatchable renewable energy to its industrial customers. With an annual assurance of over 95% and a 15-minute time-block assurance of over 85%, Serentica distinguishes itself as one of the select renewable generator independent power producers (IPPs) capable of delivering a truly round-the-clock solution.
Pratik Agarwal, Director of Serentica Renewables, emphasized the importance of long-duration energy storage in decarbonizing India’s energy consumption and reducing greenhouse gas emissions. The energy storage capacity offtake contract with Greenko accelerates Serentica’s mission to transition energy-intensive industries towards clean energy and combat climate change.
As the world moves towards a cleaner energy future, energy storage solutions play a crucial role in ensuring a reliable and sustainable power supply. Advanced storage technologies allow industries to shift away from captive thermal plants and fossil fuel-based sources, relying instead on 100% renewable energy for their electricity needs. Pumped storage hydropower (PSH) is currently the most mature and widely adopted energy storage technology, accounting for over 95% of the world’s installed storage capacity.