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New Delhi: ReNew Power will set up a joint venture (JV) with US-based Fluence to provide energy storage solutions in India.
On Thursday, the companies announced an agreement to form a new company to meet the needs of local customers across India. The JV is expected to start operations in the first half of 2022.
The JV will kick off by providing solution to ReNew, with 150 MWh BESS required for its 300 MW peak power project in Karnataka.
"Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localising and integrating Fluence’s energy storage products and packages in India," said a joint statement.
The statement said that ReNew has a head-start in India’s stationary energy storage space through its intelligent energy solution portfolio that currently consists of the 300 MW peak power project and a 400 MW round-the-clock power project.
ReNew sees huge value in India’s energy storage sector and is entering into the JV with Fluence to offer BESS solutions to varied customers in the Indian market, including engineering, procurement, and construction (EPC) and asset management services, it said.
Sumant Sinha, chairman and CEO, ReNew Power, said: “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."
Founded by AES, a global energy company and Siemens in 2018, Fluence has projects in 30 markets around the world. In 2019, it had delivered India’s first battery-based energy storage project.
Manuel Perez Dubuc, Fluence CEO, said: "We will support the country’s ambitious climate goals in a capital-efficient manner by localizing our products to align with specific market needs, making our patented technologies and designs available to the joint venture and increasing the made-in-India content over time. 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."
As of 30 September, the company had more than 3.6 GW of energy storage deployed or contracted globally, and more than 4.7 GW of wind, solar, and storage assets optimized or contracted in Australia and California.
ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of 31 December, it had a total capacity of around 10.3 GW of renewable energy projects across India, including commissioned and committed projects.
