Anil Ambani's Reliance Power Wins 500 MW Contract in Renewable Energy Shift

Anil Ambani's Strategic Move in Renewable Energy

Anil Ambani's Reliance Power has achieved a significant milestone by securing a 500 MW battery storage contract, indicative of a strategic pivot towards the renewable energy sector. The winning bid was part of an e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI) on September 11, 2024. This initiative aims to enhance energy storage capabilities throughout the nation.

Reliance Power Shares Surge

Following this major contract acquisition, shares of Reliance Power witnessed a remarkable jump of 5%, reaching their upper circuit limit at Rs 31.32 on the BSE before closing at Rs 30.73. The company's market capitalization surged to Rs 12,344 crore.

Project Details

• The contract involves the establishment of 1000 MW of standalone BESS units.
• A build-own-operate (BOO) model is adopted for on-demand usage.
• Reliance Power secured 500 MW of this capacity.
• The tariff bid submitted was Rs 3.81999 lakh per MW per month.

Project Operation Timeline

The delivery point for this project is set at 400 kV Fatehgarh(ATL) PS, Rajasthan, with a scheduled commissioning date for full capacity set at 24 months from the effective date of the Battery Energy Storage Purchase Agreement (BESPA).

This successful bid signifies Reliance Power's commitment to the renewable energy sector, promising enhanced competition and efficiency. The introduction of competitive tariffs is posited to establish new benchmarks and propel advancements in India’s energy storage solutions.