New Delhi, Feb 25 (IANS) Adani Saur Urja (LA) Limited, a wholly-owned subsidiary of Adani Green Energy, on Tuesday said it has secured a major contract from the Uttar Pradesh Power Corporation Limited (UPPCL) for energy storage capacity.
“Adani Saur Urja (LA) Limited, a Wholly-owned Subsidiary of the Company, has received a Letter of Award (LOA) from Uttar Pradesh Power Corporation Limited (UPPCL) for procurement of 1,250 MW energy storage capacity from Pumped Hydro Storage Projects,” Adani Green Energy said in a regulatory filing.
The capacity was secured through an e-reverse auction conducted by the UPPCL.
Under the awarded contract, the annual fixed cost payable for the project is set at Rs 76,53,226 per MW per year, excluding taxes.
The agreement will remain in effect for 40 years from the project’s commercial operation date (COD), the company said in its filing.
The project, Panaura PSP will be located in Uttar Pradesh’s Sonbhadra district and is expected to be completed within the next six years.
India’s clean energy goal necessitates the development of large utility-scale storage projects to integrate renewables into the grid and provide round-the-clock renewable energy. Aligned to the endeavour, Adani Green Energy has diversified its portfolio to include energy storage solutions in addition to its existing solar, wind and hybrid projects, a company statement said.
As one of the most cost-competitive, mature and scalable technologies, hydro PSP holds significant potential. Hydro PSPs use electrons generated from solar in the day to pump water and meet peak-time energy demand at night through sustainable sources. Apart from being time-tested and domestically available, PSPs are also the cleanest and safest technology to store energy. They offer numerous benefits such as grid stability, peak shaving, and flexibility in energy management. Additionally, hydro PSPs provide frequency regulation and reserve generation, making them a critical part of a robust and resilient energy infrastructure, it added.
Adani Green has firm plans to add over 5 GW hydro PSP capacity by 2030. The company has already commenced the construction of its hydro-pumped storage projects of 500 MW at Chitravathi river, in Andhra Pradesh, 1,500 MW at Tarali in Maharashtra and 1,800 MW at Gandikota in Andhra Pradesh.
Adani Green Energy’s share price closed at Rs 841.05 on Tuesday with an increase of Rs 5 or 0.60 per cent from the previous close.
Meanwhile, another company of diversified Adani Group, Adani Power Limited (APL) on Monday informed the bourses that it has received a Letter of Intent (LOI) to acquire Vidarbha Industries Power Limited.
The power company was chosen 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, the Adani Group company confirmed in its stock exchange filing on February 24.
–IANS
pk/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
