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.
Last July, Greenko helped complete the 1 GW solar PV plant in Kurnool, also located in Andhra Pradesh.
Recognised as a mega industrial project, the Greenko wind-solar hybrid project has been allotted around 4,766 acres of land. However, the company must complete the project within a period of four years (48 months), failing which the entire land will be handed back to the government of Andhra Pradesh.
The power generated from this wind-solar hybrid, along with standalone pumped storage, will be connected to the power grid substation and delivered outside the State, with no obligation for DISCOMs to purchase power. However, they will have the first right of refusal.
The Government of Andhra Pradesh aims to achieve 18,000 MW of renewable energy capacity by the year 2021-22, comprising 10,000 MW of solar power and 8,000 MW of wind power, which is 10% of the national target.
The share of renewable power in the state’s total power consumption has reached 18% during the year 2017-18. Further, the state government has announced the Andhra Pradesh Industrial Development Policy 2015-20 to encourage large-scale investments in the State.
Greenko, backed by Singapore’s GIC and the Abu Dhabi Investment Authority, was recently in the news for acquiring the solar and wind portfolio of New Delhi-headquartered Orange Renewables. The acquisition added 1 GW to Greenko’s operational capacity, to raise its portfolio to 4.2 GW, just shy of the capacity held by ReNew Power Ventures, the country’s largest renewable energy company.
Last July, meanwhile, it helped complete the 1 GW solar PV plant in Kurnool, also located in Andhra Pradesh. Greenko acquired the rights for 500 MW of capacity at the plant from SunEdison, the now-bankrupt U.S. energy development firm, which won the reverse auction with a bid of INR 4.63/kWh ($0.071/kWh) in December 2015. The remaining 500 MW of capacity was awarded to a suite of developers and EPCs, notably Adani.