Anil Ambani-led Reliance Power has achieved a major milestone as its subsidiary, Reliance NU Energies Pvt Ltd, emerged as the biggest winner in a special tender floated by SJVN Limited. The tender was for 1,500 MW/6,000 MWh Firm and Dispatchable Renewable Energy (FDRE).
Reliance NU Energies secured the largest share of 750 MW/3,000 MWh in the auction, marking a significant success for the company. The power was obtained at a highly competitive rate of Rs 6.74 per kWh. State-owned company SJVN Limited had issued this tender aimed at promoting round-the-clock renewable energy supply through hybrid and storage-based systems. A total of 14 companies participated in the e-auction, which was oversubscribed by 3.3 times. This strong response highlights the interest of the industry in firm renewable energy projects.
About the project
The project is designed to supply dispatchable renewable peaking power to electricity distribution companies (DISCOMs) through hybrid systems. The system will include around 900 MWp of solar capacity and more than 3,000 MWh of Battery Energy Storage (BESS). This Battery Energy Storage System will allow electricity to be stored in batteries and used whenever required, ensuring a reliable power supply.
Key player in solar-plus-storage segment
With this achievement, the Reliance Group has become the largest player in India’s solar-plus-storage segment. The group has now over 4 GWp of solar capacity and 6.5 GWh of BESS under development across four tenders.
The company stated that it has achieved this milestone in just 10 months. This showcases their strong execution capability and commitment to India’s energy transition and carbon emission reduction goals. Energy transition refers to the shift from fossil fuels to clean energy sources. This reflects the company’s focus on supporting sustainable and environmentally friendly growth.
Will it change Anil Ambani’s fortune?
Notably, the company is currently under investigation by the Enforcement Directorate (ED) in a fake bank guarantee case. Anil Ambani’s Reliance Group faces allegations of money laundering and loan fraud. The ED has summoned Ambani on 14 November for questioning in connection with an alleged bank loan fraud involving the State Bank of India (SBI). Earlier this month, the agency attached assets worth over Rs 7,500 crore. Amid the ongoing investigations, the new deal is expected to provide some relief to the company.
This is considered a significant tender for Reliance Power. However, company’s shares saw a decline on Tuesday. On Monday, the stock had gained 8%, closing at Rs 41.13. On Tuesday, it opened lower at Rs 40.70 and was trading around Rs 40.52, down about 1.5%, by 2 pm. During intraday trading, the share briefly touched Rs 41.75 before falling again.
