Adani Green Energy announced on Tuesday that its associate Adani Saur Urja has secured a contract from Uttar Pradesh Power Corporation (UPPCL) to acquire 1,250 MW of energy storage capacity from pumped hydro storage projects.
Adani Saur Urja, a fully-owned subsidiary of the firm, has obtained a Letter of Award (LOA) from UPPCL concerning this regard. The capacity is guaranteed via the e-Reverse Auction held by UPPCL, according to a regulatory filing.
The statement specifies that the Annual Fixed Cost required under the LOA was Rs 76,53,226 per MW per annum for the full duration of 40 years starting from the commercial operation date.
India's clean energy objectives require the establishment of substantial utility-scale storage projects to incorporate renewables into the grid and offer continuous renewable energy, it stated.
In alignment with the goal, Adani Green Energy has expanded its portfolio to incorporate energy storage solutions alongside its current solar, wind, and hybrid projects, it mentioned.
Adani Green is set to increase its hydro PSP capacity by more than 5 GW by the year 2030. The firm has initiated the development of its hydro-pumped storage facilities of 500 MW at the Chitravathi River in Andhra Pradesh, 1500 MW at Tarali in Maharashtra, and 1800 MW at Gandikota in Andhra Pradesh.
Hydro PSP represents a highly competitive, developed, and adaptable technology with considerable potential. Hydro PSPs utilize electrons produced by solar energy during the day to pump water, fulfilling nighttime peak energy demands through renewable sources.
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