The clean energy platform is backed by private equity fund KKR & Co and will source the capacity from Greenko’s pumped storage projects in India.
Under the partnership, Serentica will use pump storage capacity from Greenko’s planned off-stream, closed-loop projects in Andhra Pradesh and Madhya Pradesh.
Serentica Renewables director Pratik Agarwal said: “Facilitating the usage of renewable energy through the promotion of both new and proven storage technologies will hold the key to large-scale decarbonisation in India.
“We are excited to partner with Greenko in our endeavour to accelerate India’s energy transition towards a carbon-neutral future.
“The storage capacity will enable us to provide a customised solution that best meets our customer needs in transitioning to sustainable energy and providing firm, dispatchable renewable power.”
Serentica has already signed three long-term power purchase agreements (PPAs) for the energy from the planned storage capacity.
The firm also recently secured a $400m investment from KKR and plans to develop around 1.5GW of solar and wind capacity in Karnataka, Rajasthan and Maharashtra.
As part of its medium-term goals, Serentica aims to install 5GW of renewable capacity with different storage technologies.
Greenko founder and managing director Anil Chalamalasetty said: “Our contract with Serentica is another example of the long-term sustainability of energy storage-backed, carbon-free energy solutions.
“We strongly believe that carbon-free energy solution is the way forward and can create a distinct value proposition for (the) Indian manufacturing sector and allow it to target international markets hereto inaccessible and/or less viable.
“We at Greenko are developing multiple pumped storage assets, one of the most competitive and sustainable energy storage technologies globally.”
Earlier this year, Greenko announced plans to build a 5.23GW renewable energy storage facility in Andhra Pradesh, India.