Fluence, ReNew announce JV to boost energy storage in India
Global energy storage technology and services provider Fluence and renewable energy company ReNew have announced an agreement to form a new company to meet the needs of local customers across India.
The companies will form a 50:50 JV that will cater to a market projected to reach 27 GW/108 GWh 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 energy storage technology and global experience to Indian customers by localising and integrating Fluence’s energy storage products and packages in India.
Energy storage is said to be a key enabler to help India achieve its climate goal of 450 GW of renewable capacity addition by 2030.
The JV is expected to start operations in H1 2022. 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.
Fluence CEO Manuel Pérez Dubuc said his company will support the country’s ambitious climate goals in a capital-efficient manner by localising products to align with specific market needs, making patented technologies and designs available to the joint venture and increasing the made-in-India content over time.
The venture will kick off by providing a solution to its first customer, ReNew, with 150 MWh BESS required for its 300 MW Peak Power Project in Karnataka state.
Founded by AES and Siemens in 2018, Fluence has projects in 30 markets around the world. Its global experience, modular products and sophisticated software enable its customers to modernise electric grids and accelerate local renewable deployment while maintaining reliability.
ReNew’s portfolio consists of the 300 MW Peak Power Project and a 400 MW Round-the-Clock (RTC) Power Project.
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