Reliance Power subsidiary, Reliance NU Suntech Wins 930 MW Solar-BESS Project

Reliance Power Limited’s subsidiary, Reliance NU Suntech Private Limited, secured a 930 MW solar energy project with a BESS (battery energy storage system) in the Solar Energy Corporation of India’s (SECI) Tranche XVII auction. The e-reverse auction was held on December 9, 2024, and Reliance NU Suntech emerged as the largest bidder among 5 companies competing for a total capacity of 2,000 MW.

Project Details

The project includes a minimum storage capacity of 465 MW/1,860 MWh powered by solar energy. Reliance NU Suntech won the bid at a tariff of ₹3.53 ($0.0416) per kWh. SECI will sign a 25-year power purchase agreement (PPA) with the company, ensuring that the solar power generated is supplied to multiple discoms across India.

Technological Milestone for Solar with BESS

This win highlights advancements in combining solar power with battery energy storage systems, making it a cost-effective and reliable renewable energy solution. The project ensures a 4-hour daily peak power supply, efficiently meeting growing energy demands.

Implementation Plan

Reliance NU Suntech will develop the project on a build-own-operate basis. It will connect to India’s interstate transmission system (ISTS) while adhering to Central Electricity Regulatory Commission (CERC) regulations. The official Letter of Award (LoA) from SECI is awaited.

About Reliance Power

Reliance Power, part of the Reliance Group, is a leading private-sector power generator in India with a portfolio of 5,300 MW. This includes the Sasan Power Plant, the world’s largest integrated coal-based power project, which has been ranked as India’s best-operating power plant for seven consecutive years.

Reliance Power share price is trading at ₹46.00 as of December 12, 9:40 AM, reflecting a gain of ₹1.96 or 4.45% today. The stock opened at ₹45.95 and reached an intraday high of ₹46.24 while hitting a low of ₹45.72. With a market capitalisation of ₹18,540 crore, the company has a price-to-earnings (P/E) ratio of 15.81. The stock has seen a 52-week high of ₹53.64 and a 52-week low of ₹19.40. Currently, the dividend yield for the stock is not applicable.

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