Andhra Pradesh has bagged a big ticket investment and the construction work for the world’s largest Integrated Renewable Energy Storage Project (IRESP) started in Andhra Pradesh’s Kurnool district on Tuesday. AP CM YS Jagan Mohan Reddy laid the foundation stone for the 5,230 MW renewable energy storage project to be set up by Greenko today.
The project located at Gummitham Tanda is undertaken by the Greenko Group, that aims at generating 5230 MWs of electricity. This project is considered to be the first of its kind off stream, closed loop, giga watt scale long duration energy storage project. This project envisages clean energy round the clock
On this occasion, Jagan Mohan Reddy said, “What AP is showcasing will be a triggering point for the entire country to follow in the days to come. The usage of fuel of the fossil fuel would take a back seat and renewable energy in the front seat.” Jagan added that AP would lead the green energy sector.
IRESP will enable the lowest cost green hydrogen and green molecule production and use, thereby reducing import the bill of USD 25 Billion for LNG. The project entails investment of over USD 3 billion and has raised USD 750 million of the green bonds to finance its debt, a first for an under construction storage project globally.