Jammu, Nov 14: Serentica Renewables (“Serentica” or the “Company”), a decarbonization platform that seeks to accelerate the energy
transition for energy-intensive industries, entered into an agreement with Greenko Group, to source 1500MWhr energy storage capacity
through Greenko's pumped storage projects located in India. As part of this partnership, Serentica will leverage Greenko's energy
storage capacity from its upcoming Off Stream Closed Loop Pumped Storage Projects (OCPSP) at Pinnapuram in Andhra Pradesh and
Gandhi Sagar in Madhya Pradesh. This arrangement will enable Serentica to deliver round-the-clock, firm, and dispatchable renewable
energy to its various industrial clients.
Serentica is focused on industrial decarbonization and aims to provide assured, renewable energy through a combination of solar,
wind, energy storage and balancing solutions. Currently, the Company has entered into three long-term Power Purchase Agreements
(PPAs) and is in the process of developing ~1,500 MW of solar and wind power projects across various states including Karnataka,
Rajasthan, and Maharashtra. Serentica's medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with
different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2
emissions. Serentica recently announced an investment deal of $400 million from global investment firm, KKR.
Energy storage solutions, like pumped storage systems, has assumed immense significance today given the increased adoption of
renewable energy with its inherent variability. Presently, the major technology of energy storage globally is pumped storage hydropower
(PSH) and contributes more than 95% of the total installed storage capacity.
