ReNew Power and energy storage firm Fluence on Thursday announced an agreement to form a new company to offer storage services across India.
The JV proposes to offer Battery Energy Storage System (BESS) solutions to varied customers in the Indian market, including EPC and asset management services. It is expected to start operations in the first half of the current year. .
Speaking about the partnership, Sumant Sinha, Chairman and CEO, ReNew Power, said, “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 and Fluence’s 50:50 JV will cater to a market projected to reach 27GW/108GWh by 2030, according to India’s Central Electricity Authority, from just a few MWh today. 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.
Manuel Pérez Dubuc, Fluence CEO, said, “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 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. By partnering with a leading developer such as ReNew to form a local company, we can rapidly increase our India presence and bring our industry-leading experience and technology to local developers.”
In 2019, Fluence delivered India’s first battery-based energy storage project.
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