India-based Greenko Group is setting up the world’s largest renewable energy storage plant in Andhra Pradesh with a $3bn investment. A 5.23GW project is being set up and is expected to be commissioned by 2023. Out of 5.23 GW, 3GW is solar, 550MW for wind and 1.68GW is pump storage capacity. ArcelorMittal has also put around $600mn into the project. Group CEO and MD Anil Chalamalasetty said, “With this project, the company has pioneered to deliver, ahead of global ambition of a 24×7 dispatchable renewable energy solution, for industrial decarbonization and energy transition. This was possible due to policy support at the national level and of the state government.” Greenko currently has a net installed capacity of 7.5 GW across 15 States in India. Greenko is a prominent Indian green market player and has raised $5bn via global green bonds over the last 10 years. World sovereign wealth funds such as Government Investment Corporation (GIC) of Singapore and Abu Dhabi Investment Authority (ADIA), along with Orix Corporation are some of Greenko’s investors.

Greenko’s dollar bonds were trading lower, its 4.875% 2023s were down over 0.2 points to 97.50 yielding 7.01%.

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