The Greenko Group, one of India's leading energy transition companies, will invest Rs 10,000 crores in a Pumped Storage Project (PSP) near Gandhi Sagar in Madhya Pradesh's Neemuch district.
According to a release, the Greenko Group will set up the PSP with a daily storage capacity of 11 GWh (Gigawatt hours). The infirm renewable electricity stored in the PSP project during lean demand hours shall be later despatched to help meet the state's evolving peak power demand, thus resulting in considerable cost savings.
Besides, the PSP project shall enable MP state to meet its statutory RPO (Renewable Power Obligation) and the recently notified ESO (Energy Storage Obligation) targets.
This project is expected to provide employment to over 4,000 people. Greenko currently operates wind and solar of over 500 MW capacities, across five districts of Madhya Pradesh.
Greenko's PSP is expected to be commissioned by December 2024 and will be connected to the ISTS (Inter-State Transmission System) network.
Chief Executive Officer (CEO) and managing director (MD) of Greenko Group, Anil Chalamalasetty said, "The Group is committed to transforming renewable energy from intermittent and inflexible energy to firm, dispatchable and on-demand energy controlled through digitisation and long duration storage solutions to support the economy-wide shift towards carbon-free energy".
"The project of this scale has been possible due to policy support at national level and under the leadership and guidance of Madhya Pradesh Chief Minister Shivraj Singh Chouhan. Madhya Pradesh's favourable topography and resources along with world class infrastructure will help us to build this project in a cost-effective and timely manner," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app