Indian renewables giant ReNew Power and US-based battery technology developer Fluence plan to form a new company to serve the energy storage market in India, forecast by the country’s government to grow from several megawatts to 27GW/108GWh by 2030.
The two companies provided few details about the joint venture (JV), set to become operational in June, beyond saying it will offer battery energy storage systems (BESS) to varied customers including engineering, procurement, and construction (EPC) and asset management companies.
ReNew Power awarded the JV, which does not have a name yet, an initial order for a 150MWh BESS for its 300MW utility solar Peak Power Project in Pavagada, Karnataka.
“India's energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid,” said ReNew Power CEO Sumant Sinha. “I expect it to set new milestones for the storage industry in India.”
Fuence CEO Manuel Pérez Dubuc said: “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 localising our products to align with specific market needs... and increasing [our] 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.”
Indian prime Minister Narendra Modi has set ambitious renewables targets for India, most notably to hit 500GW installed capacity by 2030, unveiled at last year’s COP26 summit.
Fluence, formed in 2018 by AES, a diversified energy company based in the US state of Virginia, and Siemens, has more than 3.6GW of energy storage deployed or contracted in 30 markets globally, and more than 4.7GW of wind, solar, and storage assets in Australia and California.