BIG win for billionaire Gautam Adani, his Rs 133000 crore company bags...

Indian billionaire Gautam Adani has a whopping net worth of USD 52.7 billion, as per Forbes. He runs the Adani Group as chairman. Now, his Adani Green Energy on Tuesday said its arm Adani Saur Urja has bagged an order from Uttar Pradesh Power Corporation (UPPCL) for procurement of 1,250 MW energy storage capacity from pumped hydro storage (PSP) projects.

Adani Saur Urja is a wholly-owned subsidiary of Adani Green Energy, a Rs 133000 crore market cap firm. It has received a Letter of Award (LOA) from UPPCL in this regard. The capacity is secured through the e-Reverse Auction conducted by UPPCL, a regulatory filing said.

According to the statement, the Annual Fixed Cost payable under the LOA stood at Rs 76,53,226 per MW per annum (taxes extra) for the entire period of 40 years from the commercial operation date. A company statement said that the project, Panaura PSP, has a minimum commitment for 40 years. It will be located in the Sonbhadra district, Uttar Pradesh and is expected to be completed within the next six years.

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India's clean energy goal necessitates the development of large utility-scale storage projects to integrate renewables into the grid and provide round-the-clock renewable energy, it stated. Aligned to the endeavor, Adani Green Energy has diversified its portfolio to include energy storage solutions in addition to its existing solar, wind and hybrid projects, it stated. Adani Green has firm plans to add over 5 GW hydro PSP capacity by 2030. The company has already commenced the construction of its hydro pumped storage projects of 500 MW at Chitravathi river, in Andhra Pradesh, 1500 MW at Tarali in Maharashtra and 1800 MW at Gandikota in Andhra Pradesh.

(Except for the headline, this story has not been edited by DNA staff and is published from PTI)