Big win for Reliance NU Energy
Reliance NU Energy, a wholly owned subsidiary of Anil Ambani-led Reliance Power, has recently achieved a major breakthrough. The company has shown its strength by becoming the largest stakeholder in the 1500 MW / 6000 MWh Firm and Dispatchable Renewable Energy (FDRE) ISTS tender conducted by Navratna Enterprise SJVN.
The company received the Letter of Award (LoA) for this tender on 10 November. Under this, Reliance NU Energies won half of the total tender, i.e. 750 MW / 3000 MWh. The objective of this tender is to supply renewable electricity round the clock through hybrid and storage-based energy solutions. After this deal, the shares of the company are expected to rise. The shares of the company are currently trading around the level of Rs 41.
A total of 14 bidders participated in the online reverse auction in this tender. Despite this, Reliance NU Energy strengthened its position by becoming the biggest winner with the lowest tariff of Rs 6.74 per kWh. This indicates that the company is not only winning big projects but is also excelling in cost and competition.
With this new success, Reliance Group has become the country's largest player in the solar and battery energy storage system (BESS) sector. The company now has more than 4 GWp of solar capacity and 6.5 GWh of battery storage portfolio. All these tenders have been won through Navratna enterprises and the company has achieved this feat in less than a year.
The upcoming project will integrate over 3,000 MWh of battery storage with 900 MWp of solar capacity. This means that electricity distribution companies (DISCOMs) will get dispatchable renewable peaking power. This means that now this project will work even during power shortage and will ensure continuous supply of electricity.
