Reliance Power Ltd's subsidiary wins 930 MW solar energy contract with BESS from SECI

Reliance Power Limited (Reliance Power) subsidiary, Reliance NU Suntech Private Limited (Reliance NU Suntech), won a 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 have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.

The Letter of Award (LoA) is awaited from SECI.

Reliance NU Suntech's successful bid for SECI's Tranche XVII auction was won at a tariff of ₹3.53 ($0.0416)/kWh.

The company, among India's leading power generators, secured the largest individual allocation out of the five companies vying for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS) connected solar power projects with 1,000 MW/4,000 MWh energy storage systems.

Reliance NU Suntech's win underlines 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.

Shares of Reliance Power Limited was last trading in BSE at Rs. 44.04 as compared to the previous close of Rs. 44.66. The total number of shares traded during the day was 830812 in over 3866 trades.

The stock hit an intraday high of Rs. 45.40 and intraday low of 43.75. The net turnover during the day was Rs. 36936021.00.

Source : Equity Bulls

Keywords

ReliancePower INE614G01033 RPOWER ElectricUtilities RelianceNUSuntech 930MW SolarEnergyContract BESS SECI eReverseAuction