One of India’s leading renewable energy generation companies has announced a partnership with battery energy storage solutions provider Fluence.
According to a press release, ReNew Power and Fluence will set up a new joint venture company to offer energy storage solutions in India. The first project that company will work on is setting up a 150 megawatt-hour battery energy storage project to support a 300-megawatt renewable energy project being developed by ReNew Power. The project was awarded to ReNew Power through competitive auction conducted by the Solar Energy Corporation of India. The project will supply power to a Delhi-based power distribution utility.
Apart from the 300-megawatt project, ReNew Power is also working on a 400-megawatt renewable energy project which is likely to require energy storage as well. ReNew Power has been an active participant in renewable energy auctions for supply of predictable renewable energy. Before signing this joint venture agreement with Fluence, ReNew Power has also acquired a hydropower project of 99 megawatts in the state of Uttarakhand.
ReNew Power, which was incorporated in 2011, has a portfolio of more than 10 gigawatts and plans to double it over the next five years. Last year, the company was listed at Nasdaq through a Special Purpose Acquisition Company (SPAC). Several marquee institutional investors have stake in ReNew Power. These include Goldman Sachs, Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and JERA Co.
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