Shares of Reliance Power Ltd skyrocketed 13% on 12 May after the company announced that its arm, Reliance NU Energies, was the highest bidder in SJVN’s recent tariff-based competitive bidding process for Inter-State Transmission System (ISTS)-connected Solar and Battery Energy Storage System (BESS) projects.

In a stock exchange statement, the business stated that its subsidiary, Reliance NU Energies, had received a major allocation of 350 megawatt (MW) of solar generation capacity, as well as a 175 MW/700 MWh battery energy storage component.

This achievement cements Reliance Power’s position as the country’s largest integrated operator in the Solar and BESS segments, with a total pipeline of 2.5 GWp of solar power and more than 2.5 GWh of energy storage.

After commissioning, the new platform will add 600 MWp of solar photovoltaic capacity and 700 MWh of energy storage to Reliance Power’s clean energy portfolio.

The project was awarded a competitive pricing of Rs 3.33 per kWh for a 25-year term, making it one of India’s most affordable renewable energy options. The Letter of Award (LoA) from SJVN is currently pending.

The bidding procedure, which was part of a larger 1,200 MW solar + 600 MW / 2,400 MWh BESS ISTS-connected procurement, attracted 19 firms, with 18 qualifying for the e-reverse auction. The tender was oversubscribed by approximately fourfold.

The project necessitates a four-hour daily discharge window to ensure consistent peak power delivery to state distribution utilities (Discoms). It will be built under the Build-Own-Operate (BOO) model in accordance with the Ministry of Power’s normal bidding procedures.

Separately, Reliance NU Suntech Private Limited, another 100% Reliance Power subsidiary, has entered into a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) to construct Asia’s largest combined Solar and BESS project.

The project will have 930 MW of solar capacity and 465 MW/1860 MWh of energy storage, at an investment of up to Rs 10,000 crore. The electricity will be supplied at a fixed tariff of Rs 3.53/kWh for the life of the PPA.

At 12:52 pm, the shares of Reliance Power were trading 12.68% higher at Rs 43.55 on NSE. 

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