The 5.23 GW Integrated Renewable Energy Storage Project is being built by the Greenko Group in the southern Indian state of Andhra Pradesh's Kurnool region.
Once operational, this would be the world's biggest integrated renewable energy storage plant. This project will cost $3 billion to build and is projected to be completed in 2023.
10,800 MWh of daily pumped storage, 3 GW of solar capacity, and 550 MW of daily wind capacity will also be included.
By 2025 and 2027, Greenko's intends to create an intelligent "Energy Cloud Storage Platform" with a daily storage capacity of 50GWh and 100GWh, respectively.
With a combined capacity of 7.5 GW for wind, solar, and hydro electricity, the firm provides 10% to clean energy globally and 1.5% to all renewable energy in India.
The project is expected to reduce yearly CO2 emissions by 15 million tonnes, which is the same as removing emissions from three million automobiles.
Greenko has obtained $750 million in green bonds to pay off the project's debt. The business plans to construct four energy storage projects, the first of which is the Kurnool project.
The remaining projects, which would cost a combined $5 billion by 2025, are slated to be developed in Rajasthan, Madhya Pradesh, and Karnataka.
By 2030, it also hopes to have 10 GW of renewable hydrogen production capability.