Serentica Renewables, an energy company headquartered in India, signed an agreement with Greenko Group to provide industrial customers with 1500MWhr of clean energy storage capacity. The clean energy platform is supported by private equity fund KKR&Co and will obtain capacity from Greenko's pumped storage project in India.

Under the partnership, Serentica will use the pumped storage of Greenko's offline closed-loop projects in Andhra Pradesh and Madhya Pradesh. Pratik Agarwal, director of Serentica Renewables, said that promoting the use of renewable energy by promoting new and proven storage technologies would be the key to large-scale decarbonization in India. We are pleased to work with Greenko to accelerate India's transition to a carbon neutral future.

Storage capacity will enable us to provide customized solutions to best meet our customers' needs in the transition to sustainable energy and the provision of robust, schedulable renewable energy. Serentica has signed three long-term power purchase agreements to plan energy for storage capacity.

The company also recently received $400 million in investment from KKR and plans to develop about 1.5GW of solar and wind capacity in Karnataka, Rajasthan and Maharashtra. As part of the medium-term goal, Serentica aims to install 5GW of renewable energy capacity through different storage technologies.Anil Chalamalasetty, founder and managing director of Greenko, said that our contract with Serentica is another example of the long-term sustainability of carbon free energy solutions supported by energy storage. We firmly believe that carbon free energy solutions are the way forward, which can create unique value propositions for Indian manufacturing industry and allow it to target international markets that cannot be accessed and/or are not feasible.

Greenko is developing a variety of pumped storage assets, which is one of the most competitive and sustainable energy storage technologies in the world. In 2022, Greenko announced plans to build a 5.23GW renewable energy storage facility in Andhra Pradesh, India.Editor/Xing Wentao