New energy storage JV in India
Indian renewables company ReNew Power and Fluence a to form a new JV to deliver storage solutions across India.
The name of the new 50:50 JV, which is expected to start operations before mid-year, has yet to be announced.
But the first customer has – a 150MWh battery energy storage system for ReNew Power’s 300MW Peak Power hybrid wind and solar project with the Solar Energy Corporation of India in Karnataka state.
“India’s energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid,” says Sumant Sinha, Chairman and CEO of ReNew Power.
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“We’re delighted to partner with Fluence to bring localised solutions for India. I expect it to set new milestones for the storage industry in India.”
India’s energy storage market is on the cusp of a take off from a few megawatts currently. Data from the Central Electricity Authority quoted by ReNew Power projects a capacity of 27GW by 2030, while the India Energy Storage Alliance expects the capacity to exceed 30GW earlier in 2027.
The JV will be managed and operated by an independent management team and board, combining the two companies experiences to localise and integrate Fluence’s energy storage products and packages in India.
ReNew Power claims it has a head-start in India’s stationary energy storage space with the Peak Power project as well as the 400MW Round-the-Clock (RTC) renewable power delivery project, which is expected to be comprised of 900MW of wind and 400MW of solar distributed in Karnataka, Maharashtra, and Rajasthan states.
Fluence delivered India’s first battery energy storage system, a 10MW Advancion array, to Tata Power in Delhi in 2019.
The company has indicated that it intends to increase the local ‘made in India’ content in its solutions for the market over time.
