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.
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.