Reliance Power, led by Anil Ambani, has been awarded a major contract in the renewable energy sector, securing a significant solar and battery storage project from the Solar Energy Corporation of India (SECI). The project, managed by Reliance NU Suntech Private Limited, a subsidiary of Reliance Power, will see the development of India’s largest solar and battery storage system, with a combined capacity of 930 MW of solar power and 465 MW/1860 MWh of Battery Energy Storage Systems (BESS). This will be the largest deployment of grid storage batteries at a single site, not just in India, but also in Asia, surpassing similar projects in China.
This monumental deal is part of a broader initiative under SECI’s program to deploy 2,000 MW of Inter-State Transmission System (ISTS)-connected solar power projects, along with 1,000 MW/4,000 MWh energy storage systems. Reliance Power has secured the largest allocation, demonstrating its strong position in the competitive solar energy market. With this award, Reliance Power aims to contribute significantly to India’s renewable energy targets, enhancing the country’s capacity to generate clean energy.
Under the terms of the agreement, Reliance NU Suntech will guarantee a peak power supply for four hours a day, with a 4-hour discharge duration. This is a crucial feature, as it addresses the growing demand for energy during peak hours. DISCOMs in India, which have been purchasing power at high rates during these times, will benefit from a competitive tariff. The agreement is expected to offer significant savings, as DISCOMs have been forced to buy power from exchanges at a cap of Rs 10 per unit during peak hours.
The solar power generated through this project will be sold to various DISCOMs across India under a power purchase agreement (PPA) that will last for 25 years. The solar and battery storage systems will play an important role in stabilizing the grid, providing reliable power during high demand periods. This project aligns with India’s growing focus on renewable energy and grid stability, and it is expected to provide a major boost to the country’s energy security.
Reliance Power’s stock, despite trading lower at Rs 46.89 per share, has experienced significant growth in recent years. The company’s stock has surged by 94.36% in 2024, delivering an impressive 194.62% return over the last two years. This strong performance underscores investor confidence in the company’s future, especially with its growing focus on clean and sustainable energy solutions.
Reliance Power’s ability to secure such a large-scale project reinforces its leadership in the renewable energy sector and marks a significant step towards achieving India’s ambitious renewable energy goals. The project is set to be a game-changer in India’s renewable energy landscape, positioning Reliance Power as a key player in the global energy transition. With a strong emphasis on solar power and energy storage systems, Reliance Power is well-positioned to capitalize on the growing demand for clean energy solutions, further strengthening its position as a leader in India’s energy sector.
