New Delhi: Reliance Power on Monday announced that it has secured a battery storage contract of 500 MW through the e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI).
The auction, held on September 11, 2024, is part of SECI's initiative to enhance energy storage capabilities across the country.
The contract involves the installation of a total of 1,000 MW of standalone BESS units, awarded on a build-own-operate (BOO) model for "On Demand" usage under a tariff-based competitive bidding process.
Reliance Power has secured 500 MW MWh of this capacity, marking a significant entry into the renewable energy and storage sector, a company spokesperson said.
The competitive bidding saw Reliance Power submitting a tariff bid of Rs 3.81999 lakh/MW/month.
This new tariff benchmark represents one of the lowest rates for BESS tenders at the 400 KV level in India to date.
The delivery point for the project shall be 400 kV Fatehgarh(ATL) PS, Rajasthan. The scheduled commissioning date for the full capacity will be 24 months from the effective date of the BESPA (Battery Energy Storage Purchase Agreement).
The auction process witnessed participation from several key industry players.
Reliance Power’s successful bid highlights the company's strategic shift towards renewable energy and storage solutions, promising increased competition and efficiency in the sector. The introduction of such competitive tariffs is expected to set new standards and drive further advancements in India's energy storage capabilities.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)