A Pumped Storage Project (PSP) will be built in Gandhi Sagar in the Neemuch District of Madhya Pradesh with an investment of INR 100 billion from Greenko Group, one of India's leading energy transition companies. The project would be built in the Neemuch district next to Gandhi Sagar, with a daily storage capacity of 11 GWh.
There will be significant cost savings as the unstable renewable electricity stored in the PSP project during lean demand hours will be later sent to help meet the state's changing peak power demand. Additionally, the PSP project will help MP state satisfy its legal RPO (Renewable Power Obligation) requirements as well as the recently announced ESO targets.
“The Group is committed towards transforming renewable energy from intermittent and inflexible energy to firm, dispatchable and on-demand energy controlled through digitization and long duration storage solutions to support the economy-wide shift towards carbon-free energy,” said Anil Chalamalasetty, CEO & MD, Greenko Group.
Over 4,000 individuals will reportedly be employed by the project. In Madhya Pradesh's five districts, Greenko now runs wind and solar power capacity with a total of more than 500 MW. By December 2024, Greenko's PSP is anticipated to be operational and connected to the ISTS Network.
