- Greenko Group has revealed its intention to invest EUR 1.13 billion into constructing a pumped hydro storage plant.
- More than 4,000 jobs are expected to be created from the project.
Greenko Group, an Indian company, has revealed its intention to invest EUR 1.13 billion into constructing a pumped hydro storage plant. The plant is to have a daily storage capacity of 11 GWh and located in the state of Madhya Pradesh.
The company, based in Hyderabad, revealed on Tuesday that it will install the capacity close to the Gandhi Saga dam. The facility is to be connected transmission system network with expectations of becoming fully operational by December 2024.
The electricity stored will be stored during periods of low demand and integrated into the grid during peak periods, thereby helping in lowering power costs
More than 4,000 jobs are expected to be created from the project and according to Greenko,, the project implementation will aid Madhya Pradesh in meeting its renewable power purchase and energy storage targets.
The Indian group has around 7.5 GW of installed wind, solar and hydropower generation capacity across its home country. In Madhya Pradesh, it owns over 500 MW of wind and solar farms.