India’s leading renewable energy company Greenko Group plans to invest Rs 30,000 crore to develop a hybrid project at Shahpur, Baran district of Rajasthan.
The hybrid project also includes a pumped hydro storage project of 2,520 megawatt (MW) capacity estimated to cost Rs 11,882 crore.
Pumped hydro storage allows energy from intermittent sources such as solar, wind and other renewables to be saved for periods of higher demand.
Greenko Group has a current operational capacity of about seven gigawatt (GW) and a pipeline of about eight GW, reports The Economic Times.
“The project when completed by 2023-24 will be the world’s largest renewable energy asset and would contribute to the state’s efforts as a model in the adoption of solutions for a sustainable future,” said Anil Chalamalasetty, founder, managing director and chief executive officer, Greenko Group.
“Integrated renewable energy storage projects would ensure achieving long-term stability and reduction of electricity prices by about 20 per cent nationally while enabling grid stability, security and feasibility for a future of deep decarbonisation of the country’s energy sector,” he added.
“Among the projects seeking the policy advantage is a hydropower-based storage project proposed to be developed in Baran district of the state. It will be the first of its kind integrated project in the country with a combination of solar, wind and hydropower for uninterrupted power supply,” said Subodh Agarwal, chairman and managing director of Rajasthan Renewable Energy Corporation (RREC).