Reliance Power secures 500 MW SECI battery storage deal

16 Sep 2024 , 03:25 PM

The Solar Energy Corporation of India has given Reliance Power a substantial contract to develop a 500 MW/1000 MWh Battery Energy Storage System (BESS). The contract, awarded in a competitive auction, is part of SECI’s ambitious plan to create 1,000 MW/2,000 MWh of standalone battery energy storage devices.

Reliance Power’s winning proposal of ₹3.8199 lakh per MW per month is significantly lower than previous BESS projects, marking an important milestone in India’s renewable energy growth.

Reliance Power will be responsible for managing the system’s setup, which includes land identification, installation, permissions, and connecting with the interstate transmission system (ISTS).

JSW Neo Energy won the auction for a 500 MW project at a slightly cheaper tariff of ₹3.81 lakh per MW per month.

The two firms represent a total capacity of 1,000 MW in standalone BESS projects granted through SECI’s global competitive bidding process.

SECI’s current auction saw a massive 65% fall in pricing from its initial BESS tender, which was priced at ₹10.83 lakh per MW per month.

The current tariffs offer a 15% savings compared to Gujarat Urja Vikas Nigam Limited’s (GUVNL) Phase 2 rate of ₹4.49 lakh and are only 2% more than the GUVNL Phase 3 pricing of ₹3.72. Once operational, this project will rank among the world’s largest independent energy storage systems.

At around 3.02 PM, Reliance Power was trading 4.99% higher at ₹31.32, against the previous close of ₹29.83.

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