The joint venture will cater to a market projected to reach 27 GW or 108 GWh by 2030
Indian renewable energy company ReNew Power has inked an agreement with US-based renewable energy and storage firm Fluence to form a new company to meet the needs of local customers and to provide energy storage solutions in the Indian market.
The joint venture, which will be equally owned by the two companies, will cater to a market projected to reach 27 GW or 108 GWh by 2030, according to India’s Central Electricity Authority.
The JV is expected to start operations in H1 2022. The JV will begin by providing a solution to its first customer, ReNew, with 150 MWh BESS required for its 300-MW peak power project in Karnataka.
Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India, the official press release added.
“We’re delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localised solutions for India. I expect it to set new milestones for the storage industry in India,” said Sumant Sinha, chairman and chief executive officer (CEO), ReNew Power.
“Fluence is committed to accelerating India’s clean energy transition. We will support the country’s ambitious climate goals in a capital-efficient manner by localizing our products, making our patented technologies and designs available to the joint venture and increasing the made-in-India content over time,” said Manuel Pérez Dubuc, CEO, Fluence.