Anil Ambani-owned Reliance Power share price hits 5% upper circuit after subsidiary wins 930 MW order from SECI
- Reliance Power share price has delivered strong returns, with the stock up more than 20% in one month and 55% in three months. Reliance Power stock price has rallied more than 46% in six months and delivered over 93% returns year-to-date (YTD).
Reliance Power share price was locked in at 5% upper circuit at ₹46.24 apiece on Thursday after the company said its subsidiary bagged an order from Solar Energy Corporation of India (SECI).
Reliance NU Suntech, a subsidiary of Reliance Power, won a 930 MW solar energy contract with battery energy storage system project (BESS) from the SECI in an e-reverse auction held on 9th December 2024.
As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power. The Letter of Award (LoA) is awaited from SECI, Reliance Power said in a regulatory filing on December 11.
The Anil Ambani-led company said Reliance NU Suntech’s successful bid for SECI’s Tranche XVII auction was won at a tariff of ₹3.53 ($0.0416)/kWh.
The company, among India’s leading power generators, secured the largest individual allocation out of the five companies vying for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS) connected solar power projects with 1,000 MW/4,000 MWh energy storage systems.
“The project will guarantee a peak power supply of four hours daily (or a four-hour discharge duration). SECI will enter into a power purchase agreement (PPA) with Reliance NU Suntech for a period of 25 years and the solar power procured will be sold to multiple discoms in India,” Reliance Power said.
Reliance NU Suntech will develop the project on a build-own-operate basis and will have to connect to the interstate transmission system in compliance with Central Electricity Regulatory Commission regulations for interconnection with the ISTS or InSTS, it added.
Last week, the Solar Energy Corporation of India (Seci) withdrew its order barring Reliance Power from renewable energy tenders.
Reliance Power share price trend
Reliance Power share price has delivered strong returns, with the stock up more than 20% in one month and 55% in three months. Reliance Power stock price has rallied more than 46% in six months and delivered over 93% returns year-to-date (YTD). This compares with the equity benchmark Sensex’s gains of 6.4% in six months and 13% rally YTD.
Reliance Power stock hit a 52-week high of ₹54.25 apiece on October 4, 2024, and a 52-week low of ₹19.37 on March 14, 2024, on BSE.
At 9:20 AM Reliance Power share price were still at 5% upper circuit at ₹46.24 apiece on the BSE.
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