New Delhi, Nov. 4 -- Essar Power will invest around Rs 4,500 crore in a 300 MW renewable energy project in Andhra Pradesh following a power purchase agreement (PPA) signed between its renewable energy arm, Essar Renewables Ltd (ERL), and state-owned NHPC Ltd.
The project will combine solar and wind power generation with Battery Energy Storage Systems (BESS) to ensure firm and dispatchable renewable energy supply, the company said on Wednesday.
The investment is part of Essar Power's strategy to develop a diversified energy portfolio of around 5 GW across renewable, thermal and gas-based power generation.
Essar Group Operating Partner (Infrastructure) Srinivasan Vaidyanathan said building a reliable and sustainable energy ecosystem would be critical to India's Viksit Bharat vision.
Essar Power CEO Ankur Kumar said the agreement with NHPC marked an important milestone in strengthening the company's renewable energy portfolio across solar, wind and battery storage.
Published by HT Digital Content Services with permission from Millennium Post.