NTPC Vidyut Vyapar Nigam signs pact with Greenko

NTPC Vidyut Vyapar Nigam Ltd. (NVVN), a wholly-owned subsidiary of NTPC Ltd has signed an MoU with Greenko Energies Pvt Ltd for exploring the possibility of entering into an arrangement for trading, collaboration and partnership in integrated renewable energy sources and pumped storage projects set up by Greenko to offer Round-the-Clock (RTC) renewable energy power to customers in India.

The pact is expected to help NVVN to establish itself strongly in various segments of RTC bundled renewable power as it seeks to expand its portfolio into RE (solar and non-solar) and e-mobility segments.

"The value proposition of the potential offering will be to meet the evolving bespoke requirements of DISCOMs and other power consumers in India in real-time. Affordable energy storage is critical to the sustained growth of renewables, grid balancing, and address limited generation flexibility in the Indian energy market," Greenko said in its official statement.

Backed by two sovereign funds, GIC and Abu Dhabi Investment Authority, Greenko has a total asset base of 6.4 GW (operational and near-term portfolio) and is one of the largest RE developers in the country. 

Greenko is currently developing over 40 GWh of pumped hydro storage projects across six states in India.

As per the company, the pumped hydro storage projects shall be one of the lowest-cost storage solutions at around $85/ MWh compared to battery storage systems, currently being imported primarily from China, at around $200/ MWh (forecasted to reach $100/ MWh by 2030) with limited life cycles.