ReNew Power, Fluence to form energy storage joint venture

The joint venture is expected to start operations in the first half of 2022.

ReNew Power and energy storage provider firm Fluence has signed an agreement to enter a joint venture that will address India’s energy storage market needs. 

In a statement, ReNew said the 50:50 joint venture is expected to start operations in the first half of the year.

ReNew will be the first customer of the joint venture and will be provided with a 150 megawatt-hour (MWh) battery energy storage system (BESS) required for its 300 MW Peak Power Project in Karnataka state with the Solar Energy Corporation of India Limited.

"India's energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid. We're delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localized solutions for India,” ReNew Power CEO Sumant Sinha said.

Fluence CEO Manuel Pérez Dubuc said the company is committed to accelerate India’s energy transition and will support the countries climate goals in a “capital-efficient manner by localizing our products to align with specific market needs, making our patented technologies and designs available to the joint venture and increasing the made-in-India content over time.”

India’s energy storage market is expected to reach 27-gigawatt (GW)/108GW-hour by 2030, ReNew said, citing the India’s Central Electricity Authority.

It added that it will also be critical for India’s target to reach 450GW of renewable capacity addition by 2030.