Reliance Power's NU Suntech bags 930 MW solar energy and battery storage project from SECI

Reliance NU Suntech Private Limited, a subsidiary of Reliance Power Limited, has bagged a 930 MW solar energy project with a battery energy storage system (BESS) of 1,860 MWh from the Solar Energy Corporation of India (SECI), the company said on Wednesday.

The contract was secured through an e-reverse auction conducted on December 9, 2024, as part of SECI's Tranche XVII auction.

Reliance NU Suntech secured the lion’s share of the 2,000 MW capacity tendered.

"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," Reliance Power said.

The project was won at a tariff of ₹3.53 per kWh, or $0.0416 per kWh, and a Letter of Award (LoA) from SECI is awaited.

The terms of the project require the installation of a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.

The project will guarantee a peak power supply of four hours daily.

SECI will sign a 25-year power purchase agreement (PPA) with Reliance NU Suntech and the solar power procured will be sold to multiple discoms in India.

"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.

Reliance Power Limited, part of the Reliance Group, operates a diverse portfolio of 5,300 MW and is among India's leading private-sector power generation companies. Its flagship project, the 3,960 MW Sasan Power plant, is the world's largest integrated coal-based power plant.

The shares of Reliance Power have surged over 83.55% this year and hit a 52-week high in October. The stocks were trading at ₹43.96 apiece on Wednesday.