Sunday, May 22, 2022

ReNew Power teams up with US’ Fluence to form new energy storage JV in India

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  • ReNew Power said that the JV would provide Battery Energy Storage System (BESS) solutions to varied customers in the Indian market
  • India’s energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid, said ReNew CEO Sumant Sinha

New Delhi: Renewable energy (RE) projects developer ReNew Power has signed an agreement with US-based Fluence under which the two will form a new joint venture company to offer storage services across India. Fluence is a global energy storage technology and services provider. In an official statement released on Thursday, ReNew Power said that the JV would provide Battery Energy Storage System (BESS) solutions to varied customers in the Indian market, including EPC and asset management services. It is expected to start operations in the first half of the current year.

“ReNew Power and Fluence’s 50:50 JV will cater to a market projected to reach 27 GW/108 GWh by 2030, according to India’s Central Electricity Authority, from just a few MWh today,” the joint statement issued by the two companies said.

‘India’s net-zero target calls for storage integration with grid’

Managed and operated by an independent management team and board, the JV aims to bring energy storage technology to Indian customers by localising and integrating Fluence’s energy storage products and packages in India, said the statement.

“India’s energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid. We’re delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localised solutions for India,” ReNew Power chairman and CEO Sumant Sinha said.

The JV will kick off by providing a solution to ReNew with 150 MWh BESS required for its 300 MW Peak Power Project in Karnataka, said the statement.

‘Partnership will allow Fluence to bring its tech to India’

“By partnering with a leading developer such as ReNew to form a local company, we can rapidly increase our India presence and bring our industry-leading experience and technology to local developers,” Fluence CEO Manuel Pérez Dubuc said.

Founded by AES and Siemens in 2018, Fluence has projects in 30 markets around the world. It has more than 3.6 GW of energy storage deployed or contracted in 30 markets globally, and more than 4.7 GW of wind, solar, and storage assets optimized or contracted in Australia and California.

As of December 31, 2021, ReNew had a total capacity of approximately 10.3 GW of renewable energy projects across India, including commissioned and committed projects.

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