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Fluence, ReNew to set up energy storage venture

From pv magazine India

Fluence and ReNew Power, India’s leading renewable energy developer, have joined hands to tap the energy storage market in India. The two companies will form a 50:50 joint venture company to meet the energy storage needs of customers across India. The venture is expected to start operations within the first half of this year.

India’s Central Electricity Authority expects the Indian energy storage market to reach 27 GW/108 GWh by 2030, from just a few MWh today. The Fluence and ReNew Power joint venture, managed and operated by an independent management team and board, will cater to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India.

The Fluence-ReNew Power venture will kick off with ReNew as the first customer of its energy storage products. ReNew will deploy the venture’s 150 MWh energy storage solution for its 300 MW peak power project in the Indian state of Karnataka. 

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Energy storage will be a key enabler for grid integration of large-scale variable renewables, as India is targeting 500 GW of installed renewable capacity by 2030. ReNew, which has a renewable energy portfolio of more than 10 GW, has a head-start in India’s stationary energy storage space, with an intelligent energy solution portfolio comprising the 300 MW peak power project and a 400 MW round-the-clock (RTC) power project.

“India’s energy transition and its ambition to achieve net-zero by 2070 calls for strong and rapid storage integration with the grid,” said Sumant Sinha, chairman and CEO of ReNew Power.

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Source: pv magazine