Reliance Power Limited on Monday announced that its subsidiary Reliance NU Energies Private Limited has bagged the largest allocation in SJVN’s tariff-based competitive bidding process, securing an allocation of 350 MW of solar generation capacity coupled with 175 MW/700 MWh of battery energy storage system (BESS).
Post this announcement, shares of Reliance Power surged 10.01 per cent at 10:40 am today to a trading price of Rs 42.56.
In a regulatory filing, Reliance Power said that the platform, once commissioned, will add 600 MWp of installed solar PV capacity, and 700 MWh of energy storage to the company’s portfolio.
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Reliance Power’s total clean energy pipeline now stands at 2.5 GWp solar and >2.5 GWhr BESS. In the exchange filing, the company informed that the winning tariff was discovered at Rs 3.33/kWh, fixed for a 25-years, positioning the project among the “most competitively priced offerings in India’s energy transition landscape”.
The Letter of Award (LoA) from SJVN is currently awaited.
The project is part of a broader 1,200 MW solar + 600 MW / 2,400 MWh BESS ISTS connected tender floated by SJVN which saw participation from 19 entities, with 18 qualifying for the e-reverse auction. The tender was oversubscribed by more than 4 times.
The awarded project requires a minimum four-hour daily discharge window, effectively enabling assured peak power delivery to state distribution utilities (Discoms), and will be developed under a build-own-operate (BOO) framework following the standard bidding guidelines prescribed by the Ministry of Power.
“This successful bid underscores Reliance Power’s continued progress and commitment to becoming a leading player in India’s renewable energy sector. It marks a significant milestone in the company’s strategic vision to transition toward cleaner energy sources and play a pivotal role in shaping the country’s sustainable energy future,” it said in a statement.
Reliance Power’s 100 per cent subsidiary Reliance NU Suntech Private Limited has recently signed a definitive 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) to develop Asia’s largest integrated Solar and Battery Energy Storage System (BESS) project.
The project will have a solar power capacity of 930 MW, paired with 465 MW/1860 MWh BESS, and will have an investment outlay of up to Rs 10,000 crore.
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