Fluence and ReNew Power have announced an agreement to form a new company to meet the needs of local customers across India that will address the fast-developing energy storage market in India.
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.
The JV will kick off by providing a solution to its first customer, ReNew, with a 150 MWh energy storage system required for its 300 MW peak power project in Karnataka .
Market potential
The 50:50 joint venture 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. Energy storage will be a key enabler to achieve India’s climate goal of 450 GW of renewable capacity addition by 2030.
The partners
ReNew has a head-start in India’s stationary energy storage space via its intelligent energy solution portfolio that currently consists of the 300 MW peak power project and a 400 MW round-the-clock (RTC) power project.
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 modernize electric grids and accelerate local renewable deployment while maintaining reliability. In 2019, Fluence delivered India’s first battery-based energy storage project.
Operations in H1 of 2022
ReNew sees huge value in India’s fledgling energy storage sector and is entering into the JV with Fluence to offer battery-based energy storage solutions to varied customers in the Indian market, including EPC and asset management services. The JV is expected to start operations in H1 2022.
Also read: ReNew Power On Track To Attain 8.2 GW Operational Capacity By End-FY22
Accelerating energy transition
According to Manuel Pérez Dubuc, CEO, Fluence, “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.”
Featured photograph (source: Fluence) is for representation only
