Reliance Power's arm, NU Suntech, wins India's largest solar project; shares jump 5%

The subsidiary has secured the solar with storage project in an e-reverse auction held by SECI on Monday, parent Reliance Power said in a statement.

"Reliance NU Suntech has won a 930 MW solar energy contract from SECI. This is the single largest project of a solar and battery storage system in India," the company said.

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.

An energy storage system of 465 MW/1,860 MWh means 465 MW of battery energy can provide power backup for four hours, giving a total output of 1,860 MW.

Reliance NU Suntech has won the project at a tariff of ₹3.53/kWh. The Letter of Award (LoA) is awaited from SECI.

Reliance NU Suntech will develop the project on a build-own-operate basis and connect it to the interstate transmission system (ISTS) in compliance with Central Electricity Regulatory Commission (CERC) regulations for interconnection with the ISTS.

SECI's Tranche XVII auction was for a total capacity of 2,000 MW of ISTS-connected solar power projects with 1,000 MW/4,000 MWh energy storage systems.

SECI is one of the nodal agencies to implement RE projects in India.

Shares of the company have rallied 92% on a year-to-date (YTD) basis and 98% in the past 12 months.

Reliance Power Q2 FY25 Results

Reliance Power posted a consolidated net profit of ₹2,878.15 crore in the July-September quarter of this financial year.

The company had reported a net loss of ₹237.76 crore in the quarter ended September 30, 2023.

The total income of the company dipped to ₹1,962.77 crore in the quarter under review, from ₹2,116.37 crore in the same period a year ago.

The company added that it has gained ₹3,230.42 crore on the deconsolidation of a subsidiary.