KKR-backed Serentica seals 1.5-GWh power storage space deal with Greenko

• Indian renewable power and also clean power remedies supplier Serentica Renewables has actually struck a deal with Greenko Group to source 1,500 MWh of power storage capacity from its compatriot.

The contract will permit Serentica to deliver day-and-night, firm and dispatchable renewable resource, the KKR & Co Inc-backed (NYSE: KKR) company claimed on Monday. Greenko will meet its obligations in the offer by providing capacity from its shut loophole pumped storage tasks at Pinnapuram in Andhra Pradesh and Gandhi Sagar in Madhya Pradesh.

"The storage space capacity will certainly allow us to provide a tailored remedy that finest satisfies our customer needs in transitioning to lasting power as well as providing firm, dispatchable renewable power," claimed Pratik Agarwal, supervisor of Serentica Renewables.

Serentica is focused on providing clean energy services for energy-intensive sectors, mostly with long-lasting power off-take agreements. The platform currently has 3 power purchase arrangements (PPAs) in position as well as is working on 1.5 GW of wind and solar energy developments throughout the states of Karnataka, Rajasthan and also Maharashtra.

Serentica's medium-term goal is to mount 5 GW of carbon-free power generation capacity as well as offer a combination of solar, wind, power storage space and harmonizing services. Previously this month, the Indian company secured a USD-400-million (EUR 384.9 m) investment commitment from United States private equity group KKR.