Greenko Energies and NTPC Vidyut Vyapar Nigam (NVVN) have entered into a memorandum of understanding to explore possibility of development of renewable energy-based round-the-clock, flexible and despatchable power supply based on integration of RE sources and pumped storage projects.
The value proposition of the potential offering will be to meet the evolving bespoke requirements of discoms and other power consumers in India in real-time. Affordable energy storage is critical to sustained growth of renewables, grid balancing and address limited generation flexibility in the Indian energy market, a release from Greenko on Tuesday said.
Greenko is one of the largest RE developers in India, with a total asset base of 6.4 GW (operational and near-term portfolio), while NVVN is a wholly owned subsidiary of power generator NTPC.
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A leading power trading company with strong footprints in domestic and cross border market, NVVN holds the highest category trading license ‘I’ issued by CERC. It is currently expanding its portfolio into RE (solar and non-solar) and e-Mobility segments.
Greenko said it was developing and building over 40 GWh of pumped hydro storage projects across 6 States.