Anil Ambani (Anil Ambani) The subsidiary of Reliance Power, led by Reliance Power, has got a big solar and battery storage project. Let us tell you, this project has been given to Reliance Power’s subsidiary Reliance NU Suntech by Solar Energy Corporation of India (SECI).
Recently got relief from SECI
This news has come at a time when SECI had given big relief to Reliance Power about a week ago. Actually, SECI had issued a debarment notice to the company, which has now been withdrawn. Subsequently, Reliance Power and its subsidiaries (except Reliance NU BESS) have become eligible to participate in all SECI tenders.
930 MW solar project
According to an ET Now report, Reliance NU Suntech has won the contract for 930 MW Solar Energy and Battery Storage System (BESS) in SECI’s Tranche XVII auction. In this project, the company will have to install a minimum battery storage capacity of 465 MW/1,860 megawatt hour (MWh), which will be charged through solar power. The company has acquired this project at a tariff of Rs 3.53 per unit (approximately $0.0416/kWh).
What is the specialty of the project
Reliance NU Suntech will develop this project on ‘build-own-operate’ model. Under the project, 4 hours of peak power supply will be guaranteed. SECI will enter into a Power Purchase Agreement (PPA) with Reliance NU Suntech for 25 years and the solar power will be sold to various power distribution companies (DISCOMS) of India.
Company’s performance in stock market
Shares of Reliance Power closed at Rs 44.04 per share on Wednesday. The stock has risen by 7% in the last one week and by 15% in the last two weeks. The stock has increased by 83.88% so far in 2024 and by 176.98% in the last two years. This project will prove to be a big step not only for Reliance Power but also for India’s solar energy sector. This will promote green energy in the country and will also focus attention towards battery storage systems.
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