India's NHPC, Essar Renewables partner on $475 million renewable energy project in Andhra Pradesh
India's NHPC, Essar Renewables partner on $475 million renewable energy project in Andhra Pradesh Nov 4 (Reuters) - Indian firm Essar Power's renewable energy unit and NHPC NHPC.NS will develop a 300-megawatt green energy project in southern Andhra Pradesh, the company said, with the parent firm investing about 45 billion rupees ($475 million).
NHPC, India's largest hydropower producer, has been expanding its presence in the solar and wind energy segments.
Here are details of the deal:
Project will integrate solar, wind and battery energy storage systems to supply renewable power
Part of Essar Power's strategy to build a diversified 5 GW portfolio spanning renewable, thermal and gas-based power generation, Essar said
It also supports India's efforts to expand renewable energy capacity and strengthen grid reliability amid rising electricity demand, while also aligning with the country's goal of reaching 500 GW of renewable energy capacity by 2030
($1 = 94.7100 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
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