Sumitomo Corp. has agreed to invest in a large scale renewable energy project combining solar and wind generation with battery energy storage (the project) being developed by Hero Future Energies (HFE), the renewable energy arm of India’s Hero Group. The project comprises solar and wind generation capacity totalling approximately 500 MWp, together with a co-located battery energy storage system with a capacity of 200 MWh. It is an advanced project that aims to provide electricity 24/7 using only renewable energy. Sumitomo Corp. will acquire a 49% stake in Clean Solar Power (Baniyana) Pvt. Ltd, the company undertaking the project.
The project, located in the state of Karnataka in southwestern India, will combine solar and wind generation capacity totalling approximately 500 MWp with a large scale battery energy storage system with a capacity of 200 MWh. Combining solar and wind power, which have different generation profiles, with battery storage will help offset fluctuations caused by weather conditions and the time of day, enabling a continuous supply of electricity.
Electricity generated by the project will be sold primarily to SJVN Ltd, an Indian government-owned power company, under a 25-year power purchase agreement (PPA), with some surplus electricity to be sold on the power exchange market. Because the PPA requires a stable supply of electricity, particularly during periods of peak demand in the morning and evening, advanced energy management utilising battery storage will play an important role.
Jun Minase, General Manager, Overseas Energy Solution Strategic Business Unit, Sumitomo Corp., said: “We are very pleased to collaborate with HFE. We see significant potential in HFE’s clearly defined growth ambitions, particularly as the share of renewable energy continues to grow rapidly within India’s energy mix. Through this partnership, we will strengthen our renewable energy business platform in India while pursuing new business opportunities that support the stable supply of renewable energy.”
Rahul Munjal, Founder & Chairman, Hero Future Energies, added: “We are delighted to welcome Sumitomo Corp. as a strategic partner in this project. This partnership is an endorsement of HFE’s capabilities to execute complex renewable energy projects at scale. As India enters the next phase of its energy transition, partnerships such as the one with Sumitomo will play a critical role in bringing together capital and execution excellence to accelerate all round adoption of clean energy.”
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