ReNew Power, Fluence in JV for energy storage

NEW DELHI: The Nasdaqlisted ReNew Power and Fluence, one of the largest players in the battery storage business, on Thursday announced setting up a 50:50 joint venture to boost energy storage in the country.
“The JV’s first customer will be ReNew for 150MWh BESS at its 300MW Peak Power Project site with SECI,” the companies said. ReNew Power chairman and CEO Sumant Sinha said that in future the pool of projects will be widened, with the market projected to reach 27GW/ 108GWh by 2030, according to India’s Central Electricity Authority. “The storage business will grow substantially as we need to balance it with generation capacity,” Sinha said, adding that a large part of the business will be EPC-type, requiring lower amounts of capital.
He did not disclose the capital that will be earmarked by the two partners, saying that it will depend on the orders that they get.