Synopsis
Adani Green Energy's subsidiary, Adani Saur Urja, has secured a 1,250 MW energy storage project from UPPCL in Uttar Pradesh. The project will utilize pumped hydro storage technology and has a 40-year contract duration.Key Takeaways
- Adani Saur Urja received a 1,250 MW energy storage contract.
- The project will last for 40 years.
- Hydro PSP technology is sustainable and efficient.
- Adani Green plans to expand its hydro PSP capacity significantly.
- Shares of Adani Green Energy have increased recently.
New Delhi, Feb 25 (NationPress) Adani Saur Urja (LA) Limited, a fully owned subsidiary of Adani Green Energy, announced on Tuesday that it has obtained a significant contract from the Uttar Pradesh Power Corporation Limited (UPPCL) for energy storage capabilities.
Adani Saur Urja (LA) Limited has received a Letter of Award (LOA) from UPPCL for the procurement of 1,250 MW energy storage capacity derived from Pumped Hydro Storage Projects, as stated in a regulatory filing.
This capacity was acquired through an e-reverse auction held by UPPCL.
The awarded contract stipulates an annual fixed cost of Rs 76,53,226 per MW per year, excluding taxes.
The contract will be effective for 40 years from the project's commercial operation date (COD), according to the company.
The project, named Panaura PSP, will be situated in the Sonbhadra district of Uttar Pradesh and is anticipated to be finished within the next six years.
India's ambitions for clean energy require the establishment of substantial utility-scale storage projects to incorporate renewables into the grid and deliver consistent renewable energy. In line with this goal, Adani Green Energy is expanding its portfolio to include energy storage solutions alongside its current solar, wind, and hybrid projects, as noted in a company statement.
As a cost-effective and scalable technology, hydro PSP has significant potential. Hydro PSPs utilize electrons generated from solar energy during the day to pump water and satisfy peak energy demand at night via sustainable sources. In addition to being a well-established and locally available technology, PSPs are recognized as the cleanest and safest means of storing energy. They provide multiple advantages such as grid stability, peak shaving, and flexibility in energy management. Furthermore, hydro PSPs offer frequency regulation and reserve generation, making them an essential component of a robust and resilient energy infrastructure.
Adani Green has solid plans to add over 5 GW of hydro PSP capacity by 2030. The company has already begun construction on its hydro-pumped storage projects of 500 MW at the Chitravathi river in Andhra Pradesh, 1,500 MW at Tarali in Maharashtra, and 1,800 MW at Gandikota in Andhra Pradesh.
On Tuesday, Adani Green Energy shares closed at Rs 841.05, reflecting an increase of Rs 5 or 0.60 percent from the previous close.
Meanwhile, another company within the diverse Adani Group, Adani Power Limited (APL), announced on Monday that it has received a Letter of Intent (LOI) to acquire Vidarbha Industries Power Limited.
This power company was selected as the successful resolution applicant in the Corporate Insolvency Resolution Process (CIRP) for Vidarbha Industries Power Limited.
Adani Power's resolution plan was approved by the Committee of Creditors, as confirmed in the Adani Group's stock exchange filing on February 24.
