The said order was secured through an e-reverse auction held on 9 December 2024. As part of the tender conditions, Reliance NU Suntech is required to install a minimum storage capacity of 465 MW/1,860 MWh, charged by solar energy. The Letter of Award (LoA) is awaited from SECI.
Reliance NU Suntech’s successful bid was placed at a tariff of Rs 3.53 ($0.0416)/kWh in SECI’s Tranche XVII auction. Notably, the company secured the largest individual allocation among five bidders competing for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS)-connected solar power projects, along with 1,000 MW/4,000 MWh energy storage systems.
This win highlights the technological progress made in solar power with BESS in India which has made it a cost-effective alternative to renewable energy options. The project will guarantee a peak power supply of four hours daily (or a four-hour discharge duration). SECI will enter into a power purchase agreement (PPA) with 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 and will have to connect to the interstate transmission system in compliance with Central Electricity Regulatory Commission regulations for interconnection with the ISTS or InSTS.
The official announcement was made after market hours on Wednesday, 11 December 2024.
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 mega power projects (UMPPs) of 5945 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 revenue from operations declined 13.6% to Rs 1,759.81 crore in the quarter ended 30 September 2024.