Serentica Renewables Announces Groundbreaking Energy Storage Contract with Greenko
Contracts 1,500 MWh of dedicated 6-hour energy storage capacity to provide true round-the-clock green energy solutions for its industrial customers
New Delhi, 10 July, 2023 – Serentica Renewables (“Serentica” or the “Company”), a leading C&I focused renewable energy developer in India, announced that it has signed a first-of-its-kind standalone energy storage capacity offtake contract with global energy storage developer, Greenko Group. As part of this contract, Serentica will leverage Greenko's unique energy storage capabilities to utilise a cumulative 1,500 MWhr capacity from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.
This landmark deal will augment Serentica’s efforts to deliver round-the-clock, firm, and dispatchable renewable energy to its industrial customers with an annual assurance of >95% and a 15-min time-block assurance of >85%. It will uniquely position the company as one of the select few renewable generator IPPs in the country who can offer a true round-the-clock solution.
Commenting on the milestone, Pratik Agarwal, Director, Serentica Renewables, said, “Long duration energy storage is critical to decarbonizing the country’s energy consumption and reducing greenhouse gas emissions. As we gear up to deliver round-the-clock renewable energy for our industrial customers, this unique energy storage capacity offtake contract with Greenko, puts us on an accelerated trajectory in our mission to transition hard to abate, energy intensive industries to clean energy and help reverse climate change.”
As the world transitions to a clean energy future, energy storage solutions will play a vital role in ensuring a reliable and sustainable power supply. These advanced storage solutions help industries to move away from captive thermal plants or other fossil fuel-based sources and rely on renewable energy for 100% of their electricity needs. Today, pumped storage hydropower (PSH) is considered as the most mature and widely used energy storage technology, accounting for over 95% of the world's installed storage capacity.
About Serentica Renewables
Established in 2022, Serentica Renewables (India) is a decarbonization platform that looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial and industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions. Serentica’s medium term goal is to supply over 40 billion units of clean energy annually and displace 37 million tonnes of CO2 emissions. The company has already secured investments worth $650 million from leading global investor KKR.
For more details on Serentica, please visit www.serenticaglobal.com
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