Greenko to build India’s first off-river energy storage project

05 Aug 2022 CW Team

Greenko has tied up a Rs 5,500 crore loan from Power Finance Corporation (PFC) to build India's first off-river energy storage project, which will be located in Andhra Pradesh.

The 20-year loan has been priced at 11% per annum interest and the power generator will have to start repaying the loan only after the project has been commissioned. After commissioning, it will get a one-year moratorium during which it will not have to make any payments to the lender.

The storage project, fully owned by Greenko, is being built at a cost of Rs 7,600 crore, of which the debt component is being funded by PFC, a public sector undertaking. The remaining funds for construction will be put in by Greenko as equity.

An off-river energy storage project involves construction of two large water reservoirs at two ends of a gradient on a stretch of land. During the day, the storage facility uses solar energy to pump the water from the bottom reservoir to the top. At night the water is pumped down to generate hydro energy. The capacity of the storage facility is 1,200 MW. Such storage facilities exist at hydro power projects located along rivers but this will be the first to be constructed on a land mass.

Also read:
ONGC inks MoU with Greenko for green hydrogen, derivatives

Infrastructure Transport

15 Sep 2025

Cabinet Approves Key Highway and Rail Projects in Bihar Region

The Union Cabinet on Wednesday approved the four-laning of the 84.2-km Mokama-Munger section of the Buxar-Bhagalpur high-speed corridor, a key industrial region in poll-bound Bihar. The Cabinet also sanctioned the doubling of the 177-km Bhagalpur-Dumka-Rampurhat railway line, which passes through Bihar, Jharkhand, and West Bengal, at a cost of Rs 31.7 billion.The Rs 44.5 billion highway project will be constructed under the hybrid annuity model, a variant of public-private partnership. The Mokama-Munger stretch was the only remaining two-lane section of the 363-km Buxar-Bhagalpur corridor. Fou..

NGT Issues Notice on Bengaluru Twin Tunnel Project

The National Green Tribunal (NGT) on Wednesday issued notices in response to a petition filed by Bengaluru Praja Vedike and others, challenging the Bengaluru twin tunnel road project. Petitioners claim the project was “hastily announced” and bypassed mandatory environmental impact assessment procedures.Notices have been served to the Karnataka Government, Greater Bengaluru Authority, State Environment Impact Assessment Authority (SEIAA), Bengaluru Smart Infrastructure Ltd (B-SMILE), the Union Ministry of Environment, Forest and Climate Change, and project consultants.The 16.74-km twin-tube..

India’s Residential Sales to Dip Slightly in FY26

Residential sales in India’s seven major cities are projected to decline by up to 3 per cent year-on-year in FY26 to 620–640 million square feet (msf), amid a moderation in sales velocity, according to ratings agency Icra.In FY25, sales stood at 643 msf, down 8 per cent YoY, following a sharp contraction in new launches and moderated demand in the affordable and mid-income segments. This slowdown came after the sector posted a robust compound annual growth rate of 26 per cent in area sales between FY22 and FY24.Icra noted: “Having seen a strong upcycle, the sector entered an equilibrium ..