Anil Ambani's company wins new contract, marks entry into...

Anil Ambani's Reliance Power has bagged a huge battery storage contract of 500 MW. This contract marks the company's entry into the renewable energy and storage sector. The company bagged the contract through the e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI). The auction was recently held on September 11, 2024, and was a part of SECI's initiative to enhance energy storage capabilities across the country. The competitive bidding saw Reliance Power submitting a tariff bid of Rs 3.81999 lakh/MW/month.

The contract involves the installation of a total of 1,000 MW of standalone BESS units, awarded on a build-own-operate (BOO) model for "On Demand" usage under a tariff-based competitive bidding process. After the big win, shares of the company surged 5 per cent to hit its upper circuit at Rs 31.32 on BSE and closed at Rs 30.73. The market cap of the company reached Rs 12344 crore on Monday.

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This new tariff benchmark represents one of the lowest rates for BESS tenders at the 400 KV level in India to date. The delivery point for the project shall be 400 kV Fatehgarh(ATL) PS, Rajasthan. The scheduled commissioning date for the full capacity will be 24 months from the effective date of the BESPA (Battery Energy Storage Purchase Agreement).

Reliance Power's successful bid highlights the company's strategic shift towards renewable energy and storage solutions, promising increased competition and efficiency in the sector.

(With inputs from PTI)