Greenko to build India’s first off-river energy storage project
POWER & RENEWABLE ENERGY

Greenko to build India’s first off-river energy storage project

Greenko has tied up a Rs 5,500 crore loan from Power Finance Corporation (PFC) to build India's first off-river energy storage project, which will be located in Andhra Pradesh.

The 20-year loan has been priced at 11% per annum interest and the power generator will have to start repaying the loan only after the project has been commissioned. After commissioning, it will get a one-year moratorium during which it will not have to make any payments to the lender.

The storage project, fully owned by Greenko, is being built at a cost of Rs 7,600 crore, of which the debt component is being funded by PFC, a public sector undertaking. The remaining funds for construction will be put in by Greenko as equity.

An off-river energy storage project involves construction of two large water reservoirs at two ends of a gradient on a stretch of land. During the day, the storage facility uses solar energy to pump the water from the bottom reservoir to the top. At night the water is pumped down to generate hydro energy. The capacity of the storage facility is 1,200 MW. Such storage facilities exist at hydro power projects located along rivers but this will be the first to be constructed on a land mass.

Also read:
ONGC inks MoU with Greenko for green hydrogen, derivatives


The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

Greenko has tied up a Rs 5,500 crore loan from Power Finance Corporation (PFC) to build India's first off-river energy storage project, which will be located in Andhra Pradesh. The 20-year loan has been priced at 11% per annum interest and the power generator will have to start repaying the loan only after the project has been commissioned. After commissioning, it will get a one-year moratorium during which it will not have to make any payments to the lender. The storage project, fully owned by Greenko, is being built at a cost of Rs 7,600 crore, of which the debt component is being funded by PFC, a public sector undertaking. The remaining funds for construction will be put in by Greenko as equity. An off-river energy storage project involves construction of two large water reservoirs at two ends of a gradient on a stretch of land. During the day, the storage facility uses solar energy to pump the water from the bottom reservoir to the top. At night the water is pumped down to generate hydro energy. The capacity of the storage facility is 1,200 MW. Such storage facilities exist at hydro power projects located along rivers but this will be the first to be constructed on a land mass. Also read: ONGC inks MoU with Greenko for green hydrogen, derivatives

Next Story
Infrastructure Transport

Gadkari issues warning to contractors over poor road maintenance

Union Road Transport and Highways Minister Nitin Gadkari strongly criticized agencies and contractors for their failure to maintain roads adequately. He stated that while good operators would be rewarded, those delivering poor work would be "driven out of the system." "We will not spare you. We will ensure that the bank guarantees of those performing inadequately are forfeited, and you will be blacklisted from applying for new tenders," he warned. Gadkari’s remarks followed his observations of the poorly maintained Eastern Peripheral Expressway, which he used to reach Ghaziabad for the inaug..

Next Story
Infrastructure Urban

SC halts bulldozer demolitions nationwide until Oct 1

The Supreme Court of India issued a stay on bulldozer demolitions across the country until October 1, prohibiting such actions without its approval, except in cases involving public roads, water bodies, and railway lines. The court stated it would establish guidelines regarding when and how properties can be demolished according to municipal laws. Last week, a bench comprising Justices Hrishikesh Roy, Sudhanshu Dhulia, and SVN Bhatti criticized the concept of "bulldozer justice," asserting that such threats of demolition are unacceptable in a nation governed by law. This ruling came in respons..

Next Story
Infrastructure Transport

CIDCO invites tenders for Kharghar-Belapur coastal road project

The City and Industrial Development Corporation (CIDCO) has announced the invitation of tenders for the Kharghar-Belapur Coastal Road project in Navi Mumbai. This initiative aims to enhance connectivity and promote regional development in the area. The project is expected to include various infrastructural improvements to facilitate smoother traffic flow and better accessibility. Interested contractors can submit their bids as per the specified guidelines. CIDCO has outlined the project details, including timelines and requirements, on its official website. This coastal road is part of a broad..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000