The said project will see the largest deployment of grid storage batteries at a single site, not only in India but also in Asia, besides China.
The competitive tariff with an assured supply of peak power for 4 hours in a day will be a welcome relief for DISCOMs that have had to consistently buy power from the power exchanges during peak hours at the cap of Rs 10 per unit.
Reliance NU Suntech won the landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9th December 2024. As per the terms of the tender, Reliance NU Suntech will also install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.
Reliance NU Suntech for a period of 25 years, and the solar power procured will be sold to multiple discoms in India. Reliance NU Suntech will develop the project on a build-own-operate basis.
Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, is India's leading private sector power generation and coal resources company. The projects under development include coal, gas, hydro, wind and solar-based energy projects. The company's operating portfolio includes ultra-megapower projects (UMPPs) of 5,945 MWs. The company is primarily engaged in the business of generation of power.
The company reported net profit of Rs 2,878.15 crore in Q2 FY25 as against net loss of Rs 237.76 crore posted in Q2 FY24. However, the company's revenue from operations declined 13.6% to Rs 1,759.81 crore in the quarter ended 30 September 2024.
Shares of Reliance Power fell 0.28% to Rs 47.10 on the BSE.