Green Power: Foundation stone for world's largest renewable energy storage project laid in Kurnool
The project, located at Gummitham Tanda, is being undertaken by Greenko Group which aims at generating 5,230 MWs of electricity.
By Newsmeter Network Published on 17 May 2022 11:13 AM GMT
Visakhapatnam: Andhra Pradesh Chief Minister Y.S Jagan Mohan Reddy laid the foundation stone for the world's largest integrated renewable energy storage power project in the Kurnool district on Tuesday.
The project, located at Gummitham Tanda, is being undertaken by Greenko Group which aims at generating 5,230 MWs of electricity.
Noting that history is being created with the project, the Chief Minister said, "What Andhra Pradesh is showcasing (with the project) will be a trigger for the entire country in the days to come. The use of fossil fuel will take a back seat and renewable energy will take a front seat."
Jagan appreciated the Greenko Group for taking the initiative to set up the world's largest renewable energy storage facility. "The project envisages clean energy round the clock," said the Chief Minister.
He added, "We offer an exclusive opportunity for people interested in green power and decarbonising the economies. Our topography is such that we have the capacity of 33,000 Mega Watt available in the state, and this project will show the country how green power can be generated."
The project will help decarbonisation to the tune of 50 GWh of electricity, daily offsetting 15 million tonnes of CO2 emissions per annum, which is equivalent to replacing 5 million cars with electric vehicles or 2.5 million hectares of afforestation.
The project entails an investment of over US$ 3 billion. It has raised US$ 750 million of green bonds to finance the debt of the project, a first for an under-construction storage project globally which opens up the bond markets to finance the RE and sustainable growth of the country.
