Daily News Wrap-Up: Serentica to Source 1,500 MWh Energy Storage Capacity from Greenko
POSOCO has been renamed as Grid Controller of India Limited
Here are some noteworthy cleantech announcements of the day from around the world:
Serentica Renewables will source 1,500 MWh of energy storage capacity through Greenko Group’s pumped storage projects in India. Serentica will leverage Greenko’s energy storage capacity from its upcoming off-stream closed-loop pumped storage projects in Andhra Pradesh and Madhya Pradesh. The arrangement will enable Serentica to deliver round-the-clock, firm, and dispatchable renewable energy to its various industrial clients. Serentica’s medium-term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies, supply over 16 billion units of clean energy annually, and displace 20 million tons of CO2 emissions.
India’s National Grid Operator Power System Operation Corporation (POSOCO) has been renamed Grid Controller of India Limited (Grid-India). The name was changed to reflect the functions performed by the grid managers in the country at national and regional levels. Grid-India operates the national load despatch center and five regional load despatch centers in the country.
The Emerging Market Climate Action Fund announced a $25 million investment in Alcazar Energy Partners II to develop, construct and operate renewable energy projects in the Middle East, North Africa, Eastern Europe, and Central Asia. This commitment is in parallel to European Investment Bank (EIB) Global, the dedicated arm outside the EU of the EIB Group, which provides $75 million to the fund. Alcazar Energy Partners II has a target size of $500 million and will invest in onshore wind and solar. The fund is expected to contribute to installing over 2 GW of new clean energy capacity, saving 3.2 million tons of greenhouse gas emissions annually.
Fortescue Future Industries and Windlab will partner on a 10 GW of wind and solar power farm and underpin the industrial-scale production of green hydrogen from purpose-built facilities within Queensland. The first stage of the proposed project includes the 800 MW Prairie Wind Farm and the 1 GW Wongalee project. Subject to approvals, construction on the first stage is expected to commence in 2025, with the projects anticipated to begin to produce power by 2027. Energy generated from the project stands to produce green hydrogen and feed renewable power to the grid.
Eiffel Investment Group and the European Investment Fund (EIF) have launched Eiffel Transition Infrastructure, an innovative fund designed to provide equity bridge financing for European renewable energy infrastructure assets. The fund targets up to €500 million (~$514 million) and expects to facilitate the installation of up to 7 GW of renewable electricity capacity. It will help renewable energy developers and independent power producers accelerate their development pipelines, delivering more clean energy in the EU in line with its RePowerEU plan. The EIF is sponsoring the initiative committing €75 million (~$77.2 million) to the new fund.