New Delhi
: Nasdaq-listed renewal Energy Global PLC announced its investment on Friday ₹A hybrid renewable energy project was established in Andhra Pradesh for 220 million.
The 2.8 GW project, including 1.8 GW solar, 1 GW wind and 2 GW hours (GWH) battery storage system (BESS) will be established in Anantapur district of Andhra Pradesh.
Nara Lokesh, Minister of Information Technology, Electronics and Communications, Andhra Pradesh Real-time Governance and Human Resources Development, laid the foundation for the project throughout the day, in the presence of the renewal founder, Chairman and CEO Sumant Sinha.
In the first phase of the project, renewal will establish a capacity of 587 megawatt peak (MWP) solar and 250 megawatt (MWH) wind, and a 415 megawatt hour (MWH) BESS for which the Power Purchase Agreement (PPA) has been signed. The remaining capabilities will develop in subsequent stages.
“Due to the large amount of bass being installed, the project will be able to deliver up to four peak hours of electricity per day (non-generating hours), which will help goalkeepers with peak demand management and make renewable energy more firm and callable,” the statement said.
Help India’s 2030 clean energy goals
“The project is directly aligned with Andhra Pradesh’s clean energy policy and contributed to India’s 500 GW non-fossil fuel target by 2030,” the minister said.
Sinha said Andhra Pradesh demonstrated an attractive combination of investor-friendly policies, excellent transmission connections and abundance of solar and wind resources.
“We are very optimistic about the ability to develop large-scale renewable energy capacity in the state to promote Prime Minister Hon’ble’s commitment to achieve the 500 GW non-fossil fuel capacity by 2030,” Sinha added.
The updated portfolio is 717 MW of operating wind energy, while 10 locations in Andhra Pradesh are distributed in 60 MW of solar capacity.
As of February 14, the total value of its total clean energy portfolio was 17.4 GW.
Earlier this month, it received a $100 million investment in UK International Investment (BII) for its renewal of its solar module and cell manufacturing subsidiary Photovoltaics Ltd, which valued the unit at a $1 billion valuation.
